Industry News
M&As/Investments/Tie-ups • Singapore-based investment management firm Circulate Capital’s Circulate Capital Ocean Fund (CCOF), the world’s first investment fund dedicated to the ocean plastic crisis in South and Southeast Asia, has made its first US$6 million investment in Lucro Plastecycle in India, and PT Tridi Oasis Group in Indonesia. • South Korean giant Lotte Chemical has invested around US$132 million to acquire a 4.46% stake in Japanese chemical company Showa Denko, undertaken in two phases between March and April. The move reflects the South Korean group’s intention to take over Japanese chemical companies with strong technologies for its future growth. • Oil firm BP has entered into an agreement with China Resources Chemical Innovative Materials Holdings Limited (CRC) and invested as a shareholder of CRC, which is a major producer of PET in China and a PTA customer of BP’s. The companies will look at strengthening
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their cooperation on PTA sourcing, work together along the polyester value chain and seek other collaborative opportunities. • Austrian chemical firm Borealis has completed the acquisition of Canada-based Nova Chemicals’ 50% interest in Novealis Holdings. Formed in 2018, Novealis is the joint venture between affiliates of Borealis and Nova, which subsequently formed a 50/50 joint venture with an affiliate of Total S.A. to launch Bayport Polymers (Baystar) in Houston, Texas, US. • Japan’s Ube Industries has acquired Premium Composite Technology North America (PCTNA), a subsidiary of Toyota Tsusho Corporation. PCTNA manufactures compounds in the US. In January, Ube and Toyota Tsusho entered into a share transfer agreement, under which Ube was to receive 100% of the shares in PCTNA, to be completed by 1 April.
• Speciality chemicals firm Nouryon is to acquire the merchant triethyl aluminum (TEAL) business of South African petrochemical firm Sasol, including its specialty fleet of returnable cylinders. TEAL is a metal alkyl essential in the production of plastics like PP and PE. • Mubadala Investment Company, the Abu Dhabibased investment company, and OMV, oil and gas company headquartered in Vienna, have signed an agreement that will give OMV a majority stake in Borealis. OMV, which currently owns a 36% stake in Borealis, will acquire an additional 39% from Mubadala for US$4.68 billion, the biggest acquisition in OMV’s history and the largest single transaction for Mubadala. Following completion, OMV will hold a 75% interest in Borealis and Mubadala will retain a 25% interest. • Tokyoheadquartered Mitsubishi
Chemical Corporation (MCC) has acquired Gelest Intermediate Holdings, the parent company of Gelest Inc and a portfolio company of New Mountain Capital. Gelest is a manufacturer, of silicones, organosilanes, metal-organics, and speciality monomers for medical devices, life sciences, microelectronics, and personal care markets. • Canadian recycler Pyrowave has closed a series B investment, which marks the first step towards bringing the modular recycling technology to market. The round led by French tyre maker Michelin and Sofinnova Partners, a European venture capital firm, also includes Ecofuel, a Quebec-based early stage cleantech venture capital fund. • German materials manufacturer Covestro and US compounder Teknor Apex are to cooperate on compounding thermoplastic polyurethane (TPU), with the jointly developed products by Teknor Apex to be marketed as Desmoflex.
