PetChem completes acquisition of Swedish specialty chemicals group Perstorp
12 Oct 2022
ETRONAS Chemicals Group Bhd has completed its acquisition of specialty chemicals group Perstorp Holding AB (Perstorp).
“We are delighted to have completed this acquisition. The acquisition is part of our stepping-out strategy, creating a new platform for our growth in the specialty chemicals industry.
“It also goes beyond earnings potential; Perstorp is a strategic fit with similar values and talented workforce who are experts in the industry. We are excited to welcome the Perstorp team to the PCG family,” PCG managing director/ chief executive officer Ir. Mohd Yusri Mohamed Yusof said in a statement.
In May 2022, PCG signed a securities purchase agreement with Financière Forêt S.à.r.l, a company under PAI Partners, a European private equity firm, to acquire the entire equity interest in Perstorp for a base purchase of €1.538 billion (RM7.018bil) cash.
With the completion of the acquisition, Perstorp is now PCG’s wholly-owned subsidiary.
Moving forward post-acquisition, PCG intends to continue preserving and growing the value of Perstorp, as the next few years will be a crucial chapter for both companies.
Among the major development plans include the expansion of Perstorp’s global presence by strengthening its position in the Asia Pacific markets through PCG’s industrial know-how and tapping into its substantial customer base.
Additionally, PCG will also strive to ensure the timely completion of Perstorp’s growth projects in a safe and cost-effective manner.
Perstorp has several projects lined up in the near future, including the launch of Project Air which aims to reduce carbon emissions through the production of sustainable methanol.
Recently, The European Union Innovation Fund selected Project Air, as one of 17 large-scale green tech projects, which together will be granted more than €1.8 billion.
Source: The Star