Fortum Sells Neste Chemicals to Industri Kapital for FIM 3 billion
Fortum Oil and Gas, a wholly owned subsidiary of Fortum Corporation, has agreed to sell Neste Chemicals Oy to Industri Kapital 1997 fund for FIM 3 billion (EUR 505 million). Neste Chemicals managers will also become owners of Neste Chemicals Oy. The transaction is subject to the approval of competition authorities.
“Neste Chemicals is not linked to our core business, energy. We have been saying for some time that we wanted to find Neste Chemicals new owners who will further develop the company. This transaction demonstrates Fortum’s commitment to focusing on energy, in line with our strategy and targeted schedule. In addition, we are pleased to have found a buyer, Industri Kapital, which is strongly committed to Neste Chemicals’ growth in the future, Mr Eero Aittola, Chief Financial Officer of Fortum Corporation stated.
“We believe that Neste Chemicals, as one of the leading suppliers to selected industrial adhesives and coatings markets, is well positioned to benefit from the global consolidation of the chemicals sector. Neste Chemicals offers a unique platform to create a world-leading specialty chemicals company, and has today a product portfolio well suited for further development,” Mr Harald Mix, Industri Kapital’s Deputy Chief Executive said.
“Neste Chemicals’ track record demonstrates a capability to adapt to quickly changing conditions, while developing our customer base and market expertise,” said Mr Georges Marzloff, president and CEO of the company. “We will continue focusing on our growth strategy in our chosen line of expertise in adhesives and coatings offering.”
Neste Chemicals Oy will carry on its operations with the existing name.