Financial terms were not disclosed, and closure of the transaction remains subject to approval by regulatory authorities.

Early last month, Versalis and Mater-Bi revealed they were in exclusive negotiations to finalize a deal on Novamont, which specializes in biodegradable and compostable bioplastics and operates four plants and four research centers in Italy.

Versalis said the acquisition represents “a great opportunity” to accelerate its strategy through integrating a technological platform that it regards as “both unique and complementary.” The Italian chemicals and plastics producer added that the deal also significantly contributes to the decarbonization of its product portfolio.

For Novamont, the takeover is expected to strengthen its platform by “accelerating the growth of high value-added, multi-product supply chains and local projects.”

The agreement comes more than a year after Versalis and Novamont decided to restructure their Matrica biopolymers joint venture. As one of the first steps under the restructuring announced in March 2022, Versalis expanded its shareholding in Novamont to 36%, with Mater-Bi holding the remainder. The partners said at the time that the revised structure would help them to better leverage synergies and supply chains.

Author: Elaine Burridge, Freelance Journalist