Versalis to gain full ownership of Finproject
Versalis has announced that it has exercised the call option to buy the remaining 60% of the shares of the Marche region based industrial group Finproject, an Italian leader in the compounding sector* and in the production of ultralight products, in order to raise its stake to 100%.
The transaction, which will be formally completed with closing expected in the fourth quarter of 2021, follows the initial acquisition of a 40% stake in the company in July 2020 from VEI Capital, and confirms Versalis’ strategy to become the Italian leader in the high performance formulated polymers sector.
Finproject is the leading operator in Italy in the production of cross-linkable and thermoplastic compounds for industrial uses and in the molding of products, in particular for the footwear sector, and of products in the ultralight expanded materials marketed under the XL EXTRALIGHT® brand which, in collaboration with some of the most important brands, are intended for the consumer end market.
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, with a business that is resilient to the volatility of the chemical industry scenario.
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