Kuala Lumpur, 12 Oct 2022 — Petronas Chemicals Group Berhad (PCG) has completed its acquisition of the entire equity interest in Perstorp Holding AB (Perstorp), a leading sustainability-driven global specialty chemicals company based in Sweden.
PCG managing director/ chief executive officer Ir. Mohd Yusri Mohamed Yusof said the acquisition, completed yesterday is part of PCG’s 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,” Mohd Yusri said in a statement today.
In May this year, 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.
Perstorp’s President and CEO Jan Secher said: “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. This will accelerate the next phase of growth and further strengthen us as a leading specialty chemicals company.”
Moving forward post-acquisition, Mohd Yusri said PCG intends to continue preserving and growing the value of Perstorp, as the next few years will be a crucial chapter for both companies.
According to him, 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, he said, 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 euros. Project Air is a game-changer for the chemical industry, moving from fossil raw materials to recycled and bio-based feedstock, thereby enabling sustainable chemical products to a large variety of industries and end products. At full capacity, it will reduce global carbon dioxide emissions by close to 500,000 tonnes per year from today’s levels, corresponding to one percent of current emissions in Sweden.
“We are ready to advance further in our sustainability agenda. 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,” added Mohd Yusri.
— Akses Malaysia
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