PCG Completes Acquisition of Perstorp
Petronas Chemicals Group Berhad (PCG) has completed its acquisition of all shares of Swedish chemical producer Perstorp for $1.54 billion, based on an enterprise value of €2.3 billion.
The deal was announced in May, when Malaysia´s leading integrated chemicals producer, part of Petronas group, signed a Securities Purchase Agreement with Financière Forêt, a unit of European private equity firm PAI Partners, to clinch the deal.
At the time, PCG’s managing director and CEO, Mohd Yusri Mohamed Yusof, called Perstorp an “outstanding strategic fit with his company,” giving it access to attractive end-markets such as paints and coatings, construction, plastic additives, personal care and food, feed & nutrition.
The Malaysian group intends to make Perstorp its platform for growth in specialty chemicals, leveraging the acquired company’s critical talent, know-how, technological platforms and proven customer channels it for eco-friendly and sustainable solutions.
Perstorp has a global sales presence and seven manufacturing sites in Europe, the US and China, with an eighth site due to be added in India in 2023. The company focuses on the three niche markets of Resins & Coatings, Engineered Fluids and Animal Nutrition.
Post-acquisition, PCG said it intends to continue preserving and growing the value of Perstorp. The plans include the expansion of the company´s global presence by strengthening its position in the Asia Pacific markets through PCG’s industrial know-how and its substantial customer base.
Author: Dede Williams, Freelance Journalist
