27 September 2007
Perstorp announces the acquisition of a manufacturing plant for Purified Isophtalic Acid (PIA) in Singapore from the Lonza Group. Through this strategic acquisition we are widening our product portfolio and strengthening our position in Asia. The transaction is expected to be finalized before the end of the year.
Perstorp has, together with its parent company, signed an agreement with the Lonza Group to acquire 100% of the shares in Lonza Singapore Pte Ltd. Based in Singapore, Lonza Singapore Pte Ltd. is a leading manufacturer and marketer of Purified Isophtalic Acid (PIA), used as a key ingredient in manufacturing performance coatings, unsaturated polyester resins and PET-bottle grade resins.
”This acquisition will allow us to widen our product portfolio with a product that suits us and many of our customers well. The production of PIA will be yet another cornerstone on which Perstorp will build its future. This is also a successful company with expert management and staff who will fit in well with our strategy for growth, not least in Asia,” says Bo Dankis, President and CEO of Perstorp.
When the transaction has been finalized, Perstorp will assume control of the business and all related assets. The transition is contingent upon customary regulatory approvals and expected to be finalized before the end of the year.