TAGS: Sustainability / Natural Adhesives
PETRONAS Chemicals Group Berhad (PCG) to acquire Perstorp Group. PCG signed a securities purchase agreement on 14 May 2022 to acquire the entire equity interest in Perstorp Holding AB.
Accelerate Sustainable Transformation
The agreement was signed with Financière Forêt S.à.r.l, a company under PAI Partners, a European private equity firm.
Jan Secher, president and CEO of Perstorp said, “
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. Being part of PCG means Perstorp gets the scale to increase the pace of innovation and accelerate our sustainable transformation, which is at the forefront of the chemical industry. PCG’s and Perstorp’s businesses complement each other very well.”
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Perstorp is an outstanding strategic fit for PCG and enables us to participate in attractive end-markets. This acquisition will also provide us 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,” said PCG managing director and CEO, Ir. Mohd Yusri Mohamed Yusof.
Acquisition Enhances PCG’s Overall Earnings
The acquisition of Perstorp group creates a significant specialty chemicals portfolio while enhancing PCG’s overall earnings. This transaction 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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We find Perstorp attractive for their expansive range of products, established customer base as well as their market leadership in selected chemicals, which are complementary to PCG. It is our intention to make Perstorp our growth platform into the Specialty chemicals field. With Perstorp’s holistic and innovative approach to reduce environmental impact in line with PCG’s aim for positive environmental and social contribution, we are confident that together we can accelerate our sustainability journey towards circular economy and carbon neutrality by 2050”, concluded Ir. Mohd Yusri.
The acquisition values Perstorp Group at an enterprise value of EUR 2,300.0 million.
The completion of the acquisition is subject to relevant regulatory and shareholders’ approvals.
Source: Petronas Chemicals Group