Indian businessman Sunil Kumar, who was the former President/CEO of International Specialty Products (ISP), has teamed up with his daughter Monica Kumar to purchase Nylon Corp. of America (Nycoa). Terms of the deal were not disclosed. Nycoa, which has sales of about US$40 million a year, is a producer of speciality grades of nylon and compounds and other engineering resins.

In a statement released, Sunil Kumar said that he and his daughter had been looking for the right speciality chemicals company to acquire and build and settled for Nycoa as they liked the entrepreneurial culture of the Nycoa team. He also said that they will fully harness the capabilities Nycoa has, to expand and grow the company. The firm’s senior management team will remain and will be led by Monica Kumar, who has previously worked at financial firms Citigroup and AIG as well as beverage maker PepsiCo.

This is Kumar’s second plastics firm acquisition in the US, the first being thermoforming firm Universal Plastics. Kumar acquired Universal together with his son Jay Kumar last year. Terms were also not disclosed. Universal Plastics has sales of US$10 million.

Besides ISP, Kumar has been involved in the management of building products supplier GAF Materials Corp and global tyre and rubber maker Bridgestone/Firestone.