09/22/2021 | Press release | Distributed by Public on 09/22/2021 04:15
San Donato Milanese, 22 September 2021 - Versalis has announced that it has exercised the call option to buy the remaining 60% of the shares of the Marche region based industrial group Finproject, an Italian leader in the compounding sector* and in the production of ultralight products, in order to raise its stake to 100%.
The transaction, which will be formally completed with closing expected in the fourth quarter of 2021, follows the initial acquisition of a 40% stake in the company in July 2020 from VEI Capital, and confirms Versalis' strategy to become the Italian leader in the high performance formulated polymers sector.
Finproject is the leading operator in Italy in the production of cross-linkable and thermoplastic compounds for industrial uses and in the molding of products, in particular for the footwear sector, and of products in the ultralight expanded materials marketed under the XL EXTRALIGHT® brand which, in collaboration with some of the most important brands, are intended for the consumer end market.
The acquisition aims to create an all-Italian leading platform, leveraging the synergy between Versalis' technological and industrial leadership in the chemical industry and Finproject's positioning on the market of high added value applications, with a business that is resilient to the volatility of the chemical industry scenario. Full ownership will allow Eni's chemical company to develop innovative technological solutions for important brands in the sectors of fashion, design, footwear and industrial applications such as cables, pipes, renewable energy, construction and automotive, with significant growth prospects at an international level using a globally consolidated commercial network.
Thanks to this acquisition, Versalis, the leading Italian producer of polymers, extends its commercial portfolio with more specialized products and with an important sustainability component, as they are also derived from renewable or recycled raw materials and ISCC PLUS certified, in line with Eni's strategy focused on decarbonization, circular economy and sustainability.
Versalis CEO Adriano Alfani commented: "The acquisition of the total share package of Finproject is a strategic step to further accelerate Versalis' path towards portfolio specialization and access to new markets. The combination of our expertise and Finproject's will allow us to create an integrated technological platform and grow rapidly in the joint development of products and solutions of great value.".
The transaction is subject to the authorization of the competent Antitrust Authorities.
*compounding: a blending process of polymers and additives to create the required properties of produced plastics.