Versalis, Eni's chemical company, acquires 100% of Finproject. After buying 40% of the Marche-based company active in the compounding sector and in the production of ultralight products in July 2020, Versalis exercised the purchase option on the remaining 60% of the shares.
The closing of the transaction is expected for the fourth quarter of 2021 and "confirms Versalis' strategy to become the Italian leader in the high performance formulated polymers“, explains the company in a statement.
“Finproject is the leading operator in Italy in the production of crosslinkable and thermoplastic compounds for industrial uses and in the molding of products, in particular for the footwear sector, and of manufactured articles in ultra-light expanded materials marketed under the Xl Extralight brand which, in co-branding with some of the most important brands are destined for the final consumer market”, reads the note from Versalis.
The purpose of the operation is to create a all-Italian skills platform that manages to merge the technological and industrial know-how of Versalis in the chemical industry with the positioning of Finproject on the market of high value-added applications. By doing so, Eni's chemical company will be able to develop innovative technological solutions for important brands in the sectors of fashion, design, footwear and industrial applications such as cables, pipes, renewable energy, construction and automotive.
“The acquisition of the entire share package of Finproject – he commented Adriano Alfani, CEO of Versalis – is a strategic step to further accelerate Versalis' path towards portfolio specialization and access to new markets. The combination of our skills and those of Finproject will allow us to create an integrated technological platform and to grow rapidly in the joint development of products and solutions of great value".
