Versalis has taken a 40% stake in Finproject, an Italian manufacturer of expandable PVC compounds and molds, marking the Eni subsidiary’s entry into the high-performance formulated polymer applications sector.

The stake was acquired from Italian private equity firm VEI Capital for an undisclosed sum. VEI Capital has owned the shareholding in Finproject since June 2015. Finproject’s president and CEO Maurizio Vecchiola said VEI Capital’s contribution has been fundamental to its development, facilitating the flow of capital and building the expertise necessary for continued growth.

“Our new goal is to create a center of industrial expertise applied to special materials, which will play a leading role in the development of the industry in Italy and worldwide,” said Vecchiola. “The positioning of Finproject in the market for high added value applications, combined with the technological and industrial leadership of Versalis in the chemical sector, will undoubtedly create an important value chain.”

The companies aim to develop innovative solutions for major brands in the fashion, design and footwear sectors as well as for industrial applications such as cables, pipes, renewable energy, construction and automotive sectors, with significant international growth prospects.

For Versalis, the acquisition is part of a development strategy to reposition its portfolio on higher specialization and geographic expansion. “This also opens up opportunities to create new products using renewable or recycled raw materials for a market increasingly sensitive to sustainability issues, in line with the company's circular economy strategy,” said CEO Daniele Ferrari.

Owned 60% by the Vecchiola family, Finproject has 11 production and research facilities – five in Italy and others in Canada, China, India, Mexico, Romania and Vietnam. It also has two showrooms in Brazil and Turkey.