Finnish chemical producer Neste is restructuring its renewable products business in order to “drive the successful execution” of its global growth strategy.

The Espoo-headquartered group is dividing the business into the three units Renewable Polymers & Chemicals, Renewable Road Transportation and Renewable Aviation, along with   one operational platform, called the Renewables Platform.

Each business unit will have its own responsible executive vice president on Neste’s executive committee (previously the executive board).

“Neste has become a global leader in renewable products produced from waste and residues. We see further growth opportunities and demand for renewable and circular solutions not only in road transport but also in aviation and the polymers and chemicals value chain,” said president and CEO, Peter Vanacker. “I am confident that this change will enable a faster and bolder execution of our global growth strategy and thus help Neste to achieve both profitable growth and sustainability aspirations”.

The company said it has appointed the vice presidents for Renewable Road Transportation and the Renewables Platform and will appoint those for Renewable Aviation and Polymers & Chemicals at a later date.

All the changes will take place with effect from May 1.

Last month, Neste gave the final investment decision to expand its renewable products plant in Singapore. It will spend about €1.4 billion to increase capacity by up to 1.3 million t/y in order to meet growing global demand. The expansion is due online during the first half of 2022.