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PCG to acquire Perstorp for €2300 million
Source:Adsale Plastics Network    Editor:JK    Date:19.May.2022

PETRONAS Chemicals Group Berhad (PCG) signed a Securities Purchase Agreement on 14 May to acquire the entire equity interest in Perstorp Holding AB, a leading sustainability-driven global specialty chemicals company with Financière Forêt S.à.r.l, a company under PAI Partners, a European private equity firm.

 

The acquisition values Perstorp Group at an enterprise value of €2,300.0 million, which is equivalent to RM 10,496.1 million.

 

PCG’s journey to achieve its vision of becoming the preferred chemical company providing innovative customer solutions is based on a clear strategy; to strengthen its basic petrochemicals portfolio, and to selectively diversify into derivatives, specialty chemicals and solutions.

 

In the execution of this strategy, this acquisition marks the creation of a significant specialty chemicals portfolio, while enhancing PCG’s overall earnings. This follows the acquisition of BRB Group in 2019, a leading global independent producer and formulator of silicones, lube oil additives and chemicals, which launched PCG into new areas aligned with its long-term growth ambitions.


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PETRONAS Chemicals Group Berhad makes acquisition of Perstorp for RM10.5 billion.


“This landmark acquisition is a major milestone for PCG in establishing a key platform to diversify into the specialty chemical industry and capture new growth opportunities, whilst enabling us to future proof our business against market cyclicality and volatility,” said Ir. Mohd Yusri Mohamed Yusof, PCG Managing Director/Chief Executive Officer.

 

Established more than 140 years ago, Perstorp is a leading niche specialty chemicals player that develops sustainable solutions with focus on the Resins & Coatings, Engineered Fluids and Animal Nutrition markets. With seven state-of-the-art manufacturing sites and three research and development (R&D) centres worldwide, Perstorp has presence in 26 countries including US, Europe and Asia Pacific. 

 

Jan Secher, President and CEO of Perstorp, stated, “We are excited about becoming part of the PETRONAS family. I see a strong commonality in values and priorities for how to take our respective businesses forward, meeting the challenges and opportunities in the future.”

 

Perstorp has an industry-leading sustainability strategy and is well-known its Pro-Environment products and solutions, that are used by and required for the sustainable transformation of many industries and end products.

 

Through this strategy, Perstorp has developed a number of solutions such as the game-changing production of sustainable methanol from carbon dioxide, residue streams, biogas and green hydrogen at Stenungsund site to replace a large portion of its fossil-based methanol feedstock by 2026.

 

The completion of the acquisition is subject to relevant regulatory and shareholders’ approvals.

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