Petronas completes acquisition of Swedish specialty chemicals group Perstorp
The petrochemical group entered the agreement with Financière Forêt SARL, a company under PAI Partners, a European private-equity firm.
Swedish specialty chemicals firm Perstorp Holding AB has been acquired by Petronas Chemicals Group Bhd (PCG) for RM7.31 billion.
In an Oct. 12 news release, officials with Kuala Lumpur-based PCG said the acquisition, which was originally announced in May, has been completed, and that Perstorp is now its unit.
PCG in May signed a securities purchase agreement with Financière Forêt SARL, a company under PAI Partners, a European private equity firm, to acquire the entire equity interest in Perstorp.
PCG managing director and chief executive officer Mohd Yusri Mohamed Yusof said the acquisition is part of its strategy to create a new platform for growth in the specialty chemicals industry. “It also goes beyond earnings potential,” he said. “Perstorp is a strategic fit with similar values and a talented workforce who are experts in the industry.”
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.