2.3-Billion-Euro Deal Petronas Chemicals to Take Over Sustainable Specialty Chemicals Firm Perstorp Group
Perstorp Group will be acquired by Petronas Chemicals for a whopping figure of 2.3 billion Euros. The move is in line with Petronas’ aim of accelerating its sustainability ambitions to achieve circular economy and carbon neutrality by 2050.
Kuala Lumpur/Malaysia – Perstorp Group has announced that it will be acquired by Petronas Chemicals Group Berhad (PCG). PCG announced that it has signed a Securities Purchase Agreement on May 14 2022 to acquire the entire equity interest in Perstorp Holding. The agreement was signed with Financière Forêt, a company under PAI Partners, a European private equity firm.
Jan Secher, President and CEO of Perstorp said, “We are excited to become part of the Petronas family. I see a strong commonality in values and priorities for how to take our respective businesses forward, meeting the challenges and opportunities of the future. 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.”
“Perstorp is an outstanding strategic fit for PCG and enables us to participate in attractive end-markets such as paints and coatings, construction, plastic additives, personal care and food, feed & nutrition, paints and coatings that share a robust growth outlook. 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.
Established more than 140 years ago, Perstorp is one of the leading niche specialty chemicals players that develops sustainable solutions with focus on the Resins & Coatings, Engineered Fluids and Animal Nutrition markets. The company has a global sales presence, seven state-of-the art manufacturing sites in Europe, US and China (the 8th plant will be ready in India in 2023) and three research and development (R&D) centres worldwide with approximately 1,500 employees serving more than 2,600 customers globally.
“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 2.3 billion euros. The completion of the acquisition is subject to relevant regulatory and shareholders’ approvals.