Borealis to buy out DuPont’s share of Belgium specialty polymers JV
8/14/2014 12:00:00 AM
Boreali signed an agreement with DuPont to purchase the company's 67% shareholding in Speciality Polymers Antwerp, the companies confirmed on Thursday.
Speciality Polymers Antwerp, located in Zwijndrecht (Antwerp, Belgium), is a joint venture between DuPont (67%), Borealis Polymers N.V. and Borealis Kallo N.V. (together 33%).
"The acquisition of the full ownership of Speciality Polymers Antwerp is in line with our strategy to grow our polyolefin business in specific market areas", said Borealis CEO Mark Garrett, Borealis.
"Acrylate copolymers, which are part of a broader portfolio of specialty polymers produced at Speciality Polymers Antwerp, are an important building block for our value-added products sold into our core energy and infrastructure market," he added.
Under the proposed arrangement, DuPont will continue to serve the market with ethylene vinyl acetate (EVA) and acrylate copolymers produced at the Speciality Polymers Antwerp facility.
The transaction is subject to approval by the relevant competition authorities and will be presented to the employee representatives concerned, according to company officials.
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