Eni's Subsidiary Versalis to Acquire 40% of Finproject
February 26 2020 - 10:13AM
Dow Jones News
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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