NEWS
JUL / AUG 2022
Petronas to buy Perstorp Group
Malaysian petrochemicals giant Petronas Chemical Group ( PCG ) has agreed to acquire Perstorp from its private equity owner , Financière Forêt . The € 1.54 billion cash acquisition gives Perstorp an enterprise value of € 2.3 billion . It should close in 2H 2022 , subject to regulatory and shareholder approvals .
Malmö-based Perstorp describes itself as a niche speciality chemicals player that focuses on resins and coatings , engineered fluids and animal nutrition . It is the world market leader for trimethylolpropane and pentaerythritol and best known for its oxo and polyol chemistries .
The company has seven sites in Europe , US and China , with an eighth due to be ready in India in 2023 , plus three R & D centres . In all , it has about 1,500 employees and over 2,600 customers . In 2021 , it had sales of € 1.3 billion , EBITDA of € 248 million and an EBITDA margin of 18.6 %.
Selective diversification into derivatives and speciality chemicals is already a core part of PCG ’ s strategy . Previously , it had acquired BRB Group , a producer of silicones , lube oil additives and chemicals .
This continues a wider trend of state-owned oil and gas companies diversifying into speciality chemicals .
These include PTT buying coating resins firm Allnex and Saudi Aramco taking Lanxess ’ s rubber business . There are also rumours of Sabic buying the whole of Clariant now that a governance agreement ensuring Clariant ’ s continuing independence has expired .
Perstorp has subsequently announced that it is converting the base polyols produced at its site in Perstorp , Sweden , from fossil-based to the Voxtar , Evyrone and Neeture grades . These are of partly renewable or recycled origin , based on a traceable mass-balance concept and certified with ISCC Plus .
SK Pharmteco to expand Irish campus
SK Pharmteco has announced a two-phase , $ 35 million investment to boost both capacity and capabilities at its SK Biotek subsidiary ’ s manufacturing plant at Swords , Dublin ( above ). This is due online in 2024 , the campus ’ s 60th anniversary as a small molecule API manufacture , and will lead to a 50 % total increase in capacity . The first phase will include a new manufacturing building on the site of a decommissioned production building . This will increase reactor volume capacity by 26.5 m 3 . In the second , filtration and drying equipment , associated utilities and the capability for additional manufacturing lines and technologies will be added .
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