Perstorp to be acquired by Malaysian market player

Specialty chemicals company Perstorp Group is to be acquired by Petronas Chemicals Group Berhad (PCG), a Malaysian company which has edged further into the polymers market in recent years via acquisitions, as well as its own resin portfolio.

PCG announced today that it has signed a Securities Purchase Agreement on 14 May 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.

Jan Secher, President and CEO of Perstorp said, “We are excited to become part of the Petronas family. I see a strong commonality in values and priorities for how to take our respective businesses forward, meeting the challenges and opportunities of the future. 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.”

“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 & 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,” said PCG Managing Director and CEO, Ir. Mohd Yusri Mohamed Yusof.

Perstorp is a niche provider of resins and coatings, as well as products for numerous other markets. The company has seven manufacturing sites in Europe, US and China (the 8th plant will be ready in India in 2023) and three research and development (R&D) centres worldwide.

“We find Perstorp attractive for their expansive range of products, established customer base as well as their market leadership in selected chemicals, which are complementary to PCG. It is our intention to make Perstorp our growth platform into the Specialty chemicals field. With Perstorp’s holistic and innovative approach to reduce environmental impact in line with PCG’s aim for positive environmental and social contribution, we are confident that together we can accelerate our sustainability journey towards circular economy and carbon neutrality by 2050,” added Ir. Mohd Yusri.

This transaction follows the acquisition of BRB Group in 2019. BRB is a producer of silicones, lube oil additives and chemicals.

The completion of the acquisition is subject to relevant regulatory and shareholders’ approvals.