Sasol Sells German Wax Unit to Awax
South African energy and chemical company Sasol has sold German subsidiary Sasol Wax to Awax, an Italian specialist in developing, producing and distributing wax products. The transaction excludes the South African Fischer-Tropsch hard wax business, which also includes the part that is managed by Sasol Wax.
Sasol said the sale, for which financial terms were not disclosed, is another important strategic step toward streamlining its portfolio and concentrating on its core assets.
Through the deal, Awax has gained two production facilities in Hamburg, Germany, one in Birkenhead, UK, and another in Linz, Austria, all of which operate under the name Hywax as of Mar. 1. Hywax products are used in a wide variety of applications, such as hot-melt adhesives, paper and packaging, paints and varnishes, cosmetics and pharmaceuticals, among many others.
“Sasol Wax has the most advanced wax hydrogenation facility in the world. With this acquisition the group will further expand its wax product portfolio and strengthen its technological leadership in the wax market,” commented Awax CEO Giuseppe Ambroggio. In January 2020, Awax bought leading European and North American wax distributor Alpha Wax.
Author: Elaine Burridge, Freelance Journalist
