Petronas to acquire Perstorp
Perstorp Group, a sustainability-driven global specialty chemicals company, says in a news release that it will be acquired by Petronas Chemicals Group Berhad (PCG). PCG reportedly signed a securities purchase agreement on May 14, 2022 to acquire the entire equity interest in Perstorp Holding AB. The agreement was signed with Financière Forêt S.à.r.l, a company under PAI Partners, a European private equity firm, according to Perstorp.
“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,” says Jan Secher, president and CEO of Perstorp in the press release.
“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 and 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,” says PCG managing director and CEO, Ir. Mohd Yusri Mohamed Yusof in the press release.
Reportedly established more than 140 years ago, Perstorp is a niche specialty chemicals company that develops sustainable offerings with focus on the resins and coatings, engineered fluids and animal nutrition markets. The company says it has a global sales presence, seven state-of-the art manufacturing sites in Europe, U.S. and China (the eighth plant will be ready in India in 2023) and three research and development (R&D) centers worldwide with approximately 1,500 employees serving more than 2,600 customers globally.
The acquisition values Perstorp Group at an enterprise value of EUR 2,300.0 million, according to the company. The completion of the acquisition is subject to relevant regulatory and shareholders’ approvals.
Read the entire press release at www.perstorp.com
