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Versalis acquires full ownership of Finproject

September 24/2021

MOSCOW (MRC) -- Eni SPAs E chemical company, Versalis, recently inked a deal to acquire the remaining 60% of the Marche, Italy, based industrial group Finproject, as per the company's press release.

In July, 2020, Versalis had bought 40% of Finproject, which operates in the compounding sector and produces ultralight products.

The subsidiary of Eni exercised the purchase option, the transaction of which is likely to close in the fourth quarter of this year. The move is anticipated to make Versalis a major player in the high-performance formulated polymers spectrum. Products from Finproject are used for making consumer goods. It markets the ultralight expanded materials under the XL EXTRALIGHT brand.

The acquisition will strengthen Versalis position in the volatile chemical industry. It is likely to boost the companys global market reach. Integrating Versalis innovative technological solutions to Finprojects prospects will enable the company to serve sectors like renewable energy, construction, automotive, and fashion and designing. Renewable and recycled raw materials are used in Finproject, which is in line with Enis drive toward a sustainable and circular economy.

Enis petrochemical product sales are improving. In fact, it increased 12% year over year to 1.14 million tons for the second quarter of 2021. As demand for energy products is expected to further rise in the second half of 2021 and beyond, the Finproject buyout is likely to enable Eni to generate higher profits from chemicals.

As MRC reported before, there is more uncertainty over Versalis plans for its Porto Marghera, Italy cracker closure following local media reports that the company has taken the earlier declaration for a Spring 2022 stoppage, off the table, said the company in April 2021.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.

Eni is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company. The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.


mrcplast.com
Author:Margaret Volkova
Tags:propylene, ethylene, compounding, petrochemistry, recikling, Eni, Versalis, Italy.
Category:General News
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