October 15, 2022

 

Malaysia's PETRONAS Chemicals Group completes acquisition of Perstorp

  

Perstorp announced on October 12 that it has been acquired by PETRONAS Chemicals Group Berhad (PCG), Malaysia´s leading integrated chemicals provider and part of PETRONAS Group, on October 1.

 

In May this year, PCG signed a Securities Purchase Agreement with Financière Forêt Sàrl, a company under PAI Partners, a European private equity firm, to acquire the entire equity interest in Perstorp, a leading sustainability-driven global specialty chemicals company based in Sweden. With the completion of the acquisition, Perstorp is now PCG's wholly-owned subsidiary.

 

"This day marks a new beginning and exciting future for Perstorp as part of the PCG family. We are thrilled to explore the opportunities that can be unlocked by working closely with PCG," said Perstorp's president and chief executive officer Jan Secher. "This will accelerate the next phase of growth and further strengthen us as a leading specialty chemicals company. Perstorp and PCG form a stronger business together."

 

"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," said PCG managing director and CEO Ir. Mohd Yusri Mohamed Yusof. "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."

 

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.

 

"The combined technology and innovation power, as well as a complementing market positioning, create a new foundation upon which we, together with PCG, can leverage," Secher said. "We are proud of our frontrunner position in sustainability and will continue to lead the sustainable transformation in the chemical industry. I truly look forward to start this exiting journey with PCG together with our employees, partners and customers. Together, we will lead change towards chemistry that advances everyday life for the better."

 

PCG will 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.

"We are ready to advance further in our sustainability agenda," Ir. Mohd Yusri said. "Perstorp's Finite Material Neutral initiatives will serve as a catalyst for PCG's projects towards our aspiration of net zero carbon emissions by 2050."

 

- Perstorp