KUALA LUMPUR, Oct 12 — Petronas Chemicals Group Bhd (PCG) has completed its acquisition of Perstorp Holding AB (Perstorp), a leading sustainability-driven global specialty chemicals company based in Sweden for RM7.31 billion.
The acquisition is expected to accelerate its portfolio diversification and venture into specialty chemicals, the group said in a statement filed with Bursa Malaysia today.
PCG managing director and chief executive officer, Mohd Yusri Mohamed Yusof said the acquisition is part of the group’s stepping-out strategy, creating a new platform for growth in the specialty chemicals industry.
“It also goes beyond earnings potential. Perstorp is a strategic fit with its similar values and talented workforce who are experts in the industry,” he said.
In May, 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.
Mohd Yusri emphasised that the group intends to continue preserving and growing the value of Perstorp as the next few years will be a crucial chapter for both companies, with plans to expand Perstorp’s global presence by strengthening its position in the Asia Pacific markets, among others.
He noted that Perstorp has several projects lined up for 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 (EU) Innovation Fund selected Project Air as one of 17 largescale green tech projects,” he said, adding that the EU is investing over 1.8 billion euros in the clean-tech projects.
Mohd Yusri highlighted that Project Air is a game-changer for the chemical industry, moving from fossil raw materials to recycled and bio-based feedstock.
“At full capacity, it will reduce global carbon dioxide (CO2) emissions by close to 500,000 tonnes per year from today’s levels, corresponding to one per cent of current emissions in Sweden,” he said.
Mohd Yusri also added that Perstorp’s Finite Material Neutral initiatives will serve as a catalyst for PCG’s projects towards achieving its net zero carbon emissions aspiration by 2050. — Bernama
