Perstorp, manufacturer of neopentyl Polyhydric alcohols (Polyols), announced the agreement for the acquisition of Polialcoli from Polioli.
Malmö/Sweden — The agreement includes the Neo, TMP and TMPDE as well as the associated formate businesses located at the Vercelli site (Italy). Included in the transaction are also technology, know-how and equipment. The 74 employees who are currently employed in the acquired company, are continued to be employed by the Perstorp group.
"Polioli SpA has been under receivership for the last four years. We have seen a potential in these products but it has proven increasingly difficult to run these product lines in smaller scale plants. In order to be successful we have come to the conclusion that it makes more sense to operate these assets through a larger company with global reach. It was therefore natural for us to approach Perstorp", says Polioli CEO Federico Ferlin.
"The transaction is fully in line with Perstorp’s strategy to further strengthen our position in the Polyols market. TMP and Neo are both key products in our Polyol portfolio, which is a core business within Perstorp. These product lines have been instrumental in the development of Perstorp as an international company and we are happy to expand our position further to be able to serve a strong demand from the market", Perstorp President and CEO Jan Secher says.
The transaction is scheduled to close on 31 August or at such later date as the required procedures have been completed.
Perstorp is now producing TMP, in addition to Italy, in China, the US and Sweden, and Neo in China and Sweden.