PCG completes acquisition of Perstorp

Perstorp announced that it has been acquired by Petronas Chemicals Group Berhad (PCG), Malaysia´s leading integrated chemicals provider and part of Petronas Group, on 11 October 2022. In May this year, PCG signed a Securities Purchase Agreement with Financière Forêt, a company under PAI Partners, a European private equity firm, to acquire the entire equity interest in Perstorp, a leading sustainability-driven global specialty chemicals company based in Sweden. With the completion of the acquisition, Perstorp is now PCG wholly-owned subsidiary. Moving forward post-acquisition, PCG intends to continue preserving and growing the value of Perstorp, as the next few years will be a crucial chapter for both companies. Among the major development plans include the expansion of Perstorp´s global presence by strengthening its position in the Asia Pacific markets through PCG’s industrial know-how and tapping into its substantial customer base.

PCG will strive to ensure the timely completion of Perstorp’s growth projects in a safe and cost-effective manner. Perstorp has several projects lined up in the near future, including the launch of Project Air which aims to reduce carbon emissions through the production of sustainable methanol. Recently, The European Union Innovation Fund selected Project Air, as one of the 17 large-scale green tech projects, which together will be granted more than 1.8 billion euros. Project Air is a gamechanger for the chemical industry, moving from fossil raw materials to recycled and bio-based feedstock, thereby enabling sustainable chemical products to a large variety of industries and end products. At full capacity, it will reduce global CO2 emissions with close to 500,000 metric tons per year from today’s levels, corresponding to one percent of current emissions in Sweden.