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Versalis closes deal to acquire 40% stake in Finproject

July 29/2020

MOSCOW (MRC) -- Versalis announces the signing of the closing that formalizes the acquisition of a 40% stake in the Finproject capital from VEI Capital, according to the company's press release.

The Eni chemical company thus enters the high-performance formulated polymer sector and extends its position towards businesses that are more resilient to the volatility of the chemical industry scenario.

Work to complete the operation during lockdown never ceased and today Versalis launches an industrial partnership with Finproject group, a market leader in the production of cross-linkable and thermoplastic compounds and in the moulding of products for the footwear sector, and products in ultra-light materials under the brand XL EXTRALIGHT.

"We are delighted to have concluded this strategic operation with such a valuable Italian company as Finproject - said Daniele Ferrari, CEO of Versalis (Eni) - There are many opportunities that will see us working together to develop highly innovative products with a vision of growth in the name of sustainability and the circular economy".

The Versalis-Finproject operation will create a new centre of industrial competence in specialty plastic materials that will play a leading role in the development of the sector in Italy and worldwide. Finproject's market position in high value-added applications, in combination with Versalis' technological and industrial leadership in the chemical industry, will create an undeniably remarkable value chain. Together they will develop new materials geared towards sustainability and the circular economy, creating solutions that will bring innovations to countless strategic sectors such as wires and cables, automotive, design, fashion and many other emerging industries.

As MRC reported before, earlier this month, Eni, Versalis and COREPLA (the National Consortium for the Collection, Recycling and Recovery of Plastic Packaging) have signed an agreement that will see them pool their expertise to collect and recycle plastic packaging, with a particular focus on non-mechanically recyclable plasmix.

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.


mrcplast.com
Author:Margaret Volkova
Tags:Europe, PP, PE, homopolymer PP, HDPE, elastotermoplast, compounding, petrochemistry, footwear, Eni, Versalis, Italy, Russia.
Category:General News
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