ENI Eni Spa

   By Mauro Orru 
 

Eni said Wednesday that its chemicals subsidiary Versalis would acquire 40% of foam manufacturer Finproject from VEI Capital.

Eni didn't disclose financial details but said the deal marked Versalis's entry into the formulated polymer applications sector.

Finproject, which specializes in the production of molded foam, compact and expanded compounds as well as soles and ultralight products for fashion brands and other industrial sectors, currently has 11 production and research facilities across several countries.

"This operation is part of Versalis's development strategy to re-position its portfolio on higher specialization and geographical expansion," said Versalis's Chief Executive Daniele Ferrari.

"This also opens up opportunities to create new products using renewable or recycled raw materials for a market increasingly sensitive to sustainability issues, in line with the company's circular economy strategy," Mr. Ferrari added.

Eni said the operation would be subject to authorization from antitrust authorities.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

February 26, 2020 09:58 ET (14:58 GMT)

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