Material supplier MOL acquires compounder Aurora Group
Aurora has production plants located nearby automotive manufacturing and plastics conversion clusters in Baden-Württemberg, Germany.
In a move to strengthen its position in the recycled and sustainable compounding segments and in the automotive supplier industry, Hungarian material supplier MOL Group has acquired Aurora, a German plastic compounder company.
The financial terms of the deal have not been disclosed.
In a statement, MOL described Aurora’s products and business model as “greatly complementing” MOL’s current petrochemical portfolio. Aurora has production plants located nearby automotive manufacturing and plastics conversion clusters in Baden-Württemberg, Germany.
“Aurora collects the industrial plastic waste, recycles it, and then upgrades the properties of the material into an enhanced plastic that suits the requirements of the customers in the car manufacturing industry,” MOL’s statement said. “By combining MOL’s experience and Aurora’s exceptional know-how, the long-term objective is to accelerate further market growth while relieving the burden on the environment.”
“The acquisition is another important milestone in MOL’s transformational journey to become the leading chemical player in CEE, after the partnering with German APK in plastic recycling,” the statement continued. “With Aurora in the portfolio MOL Group can increase its footprint in the automotive [sector], a strategic segment for MOL, while addressing the increasing needs of its customers towards more sustainable products.”
“As we strive to strengthen MOL’s presence as an automotive supplier, we recognized compounding as a key activity which we want to integrate in our business portfolio,” said Ferenc Horváth, executive vice president of MOL’s downstream division.
Headquartered in Budapest, MOL operates production activities in 8 countries and exploration assets in 13 countries, as well as four refineries and two petrochemical plants under integrated supply chain management in Hungary, Slovakia, and Croatia.