Versalis Takes Full Ownership of Finproject
Versalis will take full ownership of Italian compounder Finproject, having exercised an option to buy the remaining 60% stake. The Italian chemical company bought a 40% stake in Finproject from owner VEI Capital in July 2020. Financial terms were not disclosed.
The transaction, which remains subject to antitrust clearance, is expected to close in the final quarter of this year. Versalis said the deal confirms its strategy to “become the Italian leader in the high-performance formulated polymers sector.”
Finproject is regarded as the leading Italian producer of cross-linkable and thermoplastic compounds for industrial uses and product molding, in particular for the footwear industry.
Versalis CEO Adriano Alfani commented: “The acquisition of the total share package of Finproject is a strategic step to further accelerate Versalis’ path towards portfolio specialization and access to new markets. The combination of our expertise and Finproject’s will allow us to create an integrated technological platform and grow rapidly in the joint development of products and solutions of great value.”
The Milan-headquartered group added that these innovative products and solutions would be developed for important brands in the fashion, design and footwear sectors, as well as industrial applications such as cables, pipes, renewable energy, construction and automotive, offering significant growth prospects internationally.
Author: Elaine Burridge, Freelance Journalist
