Milan, Italy – Versalis is acquiring the full ownership of Italian compounder Finproject, to enable development of ‘more specialised products’ from renewable and recycled raw materials.
Versalis bought a 40% share in the Marche region-based industrial group in July 2020.
In a 22 Sept statement, the chemical arm of ENI said the full acquisition was in line with its strategy to become “the Italian leader in the high performance formulated polymers sector.”
According to Versalis, Finproject is "the leading operator in Italy" in the production of cross-linkable and thermoplastic compounds for industrial uses and in moulding of products, in particular for the footwear sector.
The company also manufactures ultralight XL Extralight closed cell foam materials for consumer end markets.
“The acquisition aims to create an all-Italian leading platform, leveraging the synergy between Versalis’ technological and industrial leadership in the chemical industry and Finproject’s positioning on the market of high added value applications,” said Versalis.
With the full ownership Versalis can supply “innovative technological solutions” to sectors such as fashion, design and footwear as well as industrial applications such as cables, pipes, renewable energy, construction and automotive.
The move will also offer “significant growth prospects” with “a globally consolidated commercial network.”
In a written statement to ERJ last February, Versalis said elastomers were part of the future developments that the two companies had outlined.
Based in Morrovalle, in eastern Italy, Finproject has 11 production and research facilities across Italy, Canada, China, India, Mexico, Romania and Vietnam.
The transaction, the details of which were not disclosed, is subject to approval by the relevant antitrust authorities. Versalis expects to complete the deal in the fourth quarter of 2021.