MALAYSIA—Perstorp Group, a sustainability-driven global specialty chemicals company, have announced in a news release that it will be acquired by Petronas Chemicals Group Berhad (PCG) for US$2.4 billion as Part of PCG’s plan to tap into the sustainable solutions market.
PCG Managing Director and CEO, Ir. Mohd Yusri Mohamed Yusof said that the acquisition will provide them critical talent, know-how, technological platforms and proven customer channels to address the pressing needs of the market for more eco-friendly and sustainable solutions
PCG’s plans to realize its vision of becoming the preferred chemical company providing innovative customer solutions through strengthening its basic petrochemicals portfolio, and by selectively diversifying into derivatives, specialty chemicals and solutions.
In the execution of their vision, the acquisition of Perstorp group marks the creation of a significant specialty chemicals portfolio, while enhancing PCG’s overall earnings.
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.
Jan Secher, President and CEO of Perstorp said of the acquisition, “By tapping into PCG’s strength and market leading position in the Asia Pacific region, we are confident that Perstorp can continue to develop into its next phase of growth. PCG’s and Perstorp’s businesses complement each other very well.”
PCG has a global sales presence, seven state-of-the art manufacturing sites in Europe, US and China and three research and development (R&D) centers worldwide with approximately 1,500 employees serving more than 2,600 customers globally.
Perstorp is highly regarded among its customers for its product quality and application expertise, supply reliability, customer centricity and Pro-Environment products and solutions.
PCG CEO added that Perstorp’s holistic and innovative approach to reduce environmental impact aligns with PCG’s aim for positive environmental and social contribution
“With we are confident that together we can accelerate our sustainability journey towards circular economy and carbon neutrality by 2050,” he concluded.
Perstorp is very active in animal nutrition, having been involved with developing a range of highly effective additives for the agricultural industry for over fifty. According to a company report, this segment saw good organic growth in the first quarter of 2022.
From PCG’s projections, Perstorp will contribute about 28% incremental revenue to as well as support its medium-term goal of establishing 30% revenue generated from non-traditional businesses by 2030.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE
