ITALY – Versalis, Eni’s chemical company and shareholder of Novamont has signed an agreement to acquire the remaining 64% of Novamont’s shares held by Mater-Bi.
Novamont is a leading international company in the field of chemistry from renewable sources, particularly in biodegradable and compostable bioplastics.
The timing of the closing and the next steps are subject to approval by competent authorities.
Versalis says it is the first Italian chemical company and a global leader in the sector, aiming at portfolio specialization through chemistry from renewables.
Versalis said the acquisition represents “a great opportunity” to accelerate its strategy through integrating a technological platform that it regards as “both unique and complementary.”
The Italian chemicals and plastics producer added that the deal also significantly contributes to the decarbonization of its product portfolio.
For Novamont, the takeover is expected to strengthen its platform by “accelerating the growth of high value-added, multi-product supply chains and local projects.”
The agreement comes over a year after Versalis and Novamont decided to restructure their Matrica biopolymers joint venture.
As one of the first steps under the restructuring announced in March 2022, Versalis expanded its shareholding in Novamont to 36%, with Mater-Bi holding the remainder.
The partners said at the time that the revised structure would help them to leverage synergies and supply chains better.
Versalis Expands Elastomers at Ravenna
Last month, Versalis announced that it would invest US$88 million to enhance elastomers production at Ravenna.
The aim is to expand the production mix for highly specialized elastomers, especially thermoplastic rubbers, polybutadiene and SBR, intended for the rapidly developing tire and automotive industries.
The Milan-based company has already applied for approval from the Ministry of Environment and Energy Security in order to start on the project’s execution phase.
Adriano Alfani, Versalis CEO, said the investment “is part of the broader specialization strategy of our portfolio, accelerates the development of high-performance products and for sustainable mobility,” as well as strengthening its presence in Ravenna.
In addition to producing monomers and elastomers, Versalis also has a specialist research center at the site dedicated to various projects, including developing rubbers with renewable or recycled content and new products for the high-end tire sector, with a focus on performance and sustainability.
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