Haldor Topsoe and Ferrostaal to Form Joint Venture
Danish catalysis and process technology company, Haldor Topose, and German industrial project developer, Ferrostaal, have agreed to form a joint venture. The partners will hold equal shares in Ferrostaal Topsoe Projects which will be based in Essen, Germany.
No financial details have been divulged and the joint venture remains subject to regulatory approval.
The partners said in a joint statement that the new company "will position itself as a leading player in developing, financing and realising major industrial projects in the petrochemical, refining and environmental sectors."
The primary focus will be on fast-growing emerging economies but North America is also expected to hold potential.
Klaus Lesker, managing director of Ferrostaal, commented: "Ferrostaal Topsoe Projects is a perfect match of competences. Combining the world-leading technology portfolio of Haldor Topsoe with our ability to drive project development and facilitate investments translates into a highly attractive value proposition for customers."
He continued: "Moreover, in emerging economies, our projects will leave a very positive footprint by enabling entire countries to utilise natural resources - natural gas or coal for example - to produce fertiliser or other valuable commodities, and in the process stimulate job creation and boost sustainable economic growth."
Haldor Topsoe's CEO, Bjerne S. Clausen, added: "Building partnerships to ‘fast track' our way into new business areas or expand our current market reach is a key part of our growth strategy. We also expect the joint venture to create opportunities within operations and maintenance of plants, a key business area that we are currently also looking to expand."
Both companies have been working together for some time, most recently on two major ammonia-related projects in Tanzania and Cameroon. In Tanzania, Haldor Topsoe and Ferrostaal are working with state-owned Tanzania Petroleum Development Corp to develop a large-scale ammonia complex. The project is costing more than $1 billion, making it the largest investment in the country currently.
