M&As: Versalis to acquire remaining 60% stake in Finproject; Five companies rebrand to form Teijin Automotive Technologies

Italy’s chemical firm Versalis, an Eni company, says that it has exercised the call option to buy the remaining 60% of the shares of the Marche region based industrial group Finproject, an Italian compounder* that is also involved in the production of ultralight products, in order to raise its stake to 100%.

The transaction, which will be formally completed with closing expected in the fourth quarter of 2021, follows the initial acquisition of a 40% stake in the company in July 2020 from VEI Capital, and confirms Versalis’ strategy to become the Italian leader in the high performance formulated polymers sector.

Finproject is the leading operator in Italy in the production of cross-linkable and thermoplastic compounds for industrial uses and in the moulding of products, in particular for the footwear sector, and of products in the ultralight expanded materials marketed under the XL Extralight brand which, in collaboration with some of the most important brands, are intended for the consumer end market.

The acquisition aims to create an all-Italian leading platform, leveraging the synergy between Versalis’ technological and industrial leadership in the chemical industry and Finproject’s positioning on the market of high added value applications, with a business that is resilient to the volatility of the chemical industry scenario. Full ownership will allow Eni’s chemical company 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, with significant growth prospects at an international level using a globally consolidated commercial network.

Thanks to this acquisition, Versalis, the leading Italian producer of polymers, extends its commercial portfolio with more specialised products and with an important sustainability component, as they are also derived from renewable or recycled raw materials and ISCC PLUS certified, in line with Eni’s strategy focused on decarbonisation, circular economy and sustainability, it adds.

Versalis CEO Adriano Alfani commented: “The acquisition of the total share package of Finproject is a strategic step to further accelerate Versalis’ path towards portfolio specialization and access to new markets. The combination of our expertise and Finproject’s will allow us to create an integrated technological platform and grow rapidly in the joint development of products and solutions of great value.”.

The transaction is subject to the authorization of the competent Antitrust Authorities.

In other news, five companies – Continental Structural Plastics (CSP), Inapal Plásticos, Benet Automotive, CSP Victall and Teijin Automotive Center Europe (TACE) – have come together under a single brand to form Teijin Automotive Technologies, a global leader in composite materials and solutions for the worldwide mobility industry.

Through this rebranding, Teijin Automotive Technologies becomes a proven manufacturer of highly-engineered materials for dynamic market divisions with the ability to supply consistent materials and components to customers across North America, Europe and Asia – a capability, it adds, no other supplier can provide. Spanning several mobility related industries, including automotive, heavy truck, marine and recreational vehicle segments, the new organisation which includes Teijin’s automotive composites team in Japan, is positioned to provide advanced materials solutions through its 29 strategically located manufacturing and technical centres. Utilising all the strengths from the previously separate companies, Teijin Automotive Technologies can provide solutions for the next generation of mobility.

“With the integration of these organizations, we can supply expertise in a wide range of materials allowing us to develop solutions that address our customers’ most difficult design challenges,” said Steve Rooney, CEO of Teijin Automotive Technologies/General Manager, Teijin Composites Business Unit. “Now, as Teijin Automotive Technologies, we are able to develop new materials, source them where and when they are needed, and provide the expertise that meets the world’s ever-changing mobility needs.”

This move establishes a singular organization with a global footprint and 5,400 employees capable of combining materials expertise with engineering and design to create solutions that make vehicles safer and more eco-friendly. By selecting the right material for the right application, Teijin Automotive Technologies creates components and systems that enable lighter, stronger, safer and energy efficient vehicles. This unification further strengthens the organization’s capabilities as a vertically integrated, full-service supplier that develops materials to meet customer needs today, while anticipating needs of tomorrow.

Teijin Automotive Technologies is also currently engaged in a variety of research projects aimed at making its operations and products more environmentally friendly. These include carbon footprint analyses, complete life cycle assessment of composite materials, and material recycling processes.

“Teijin has a very strong commitment to sustainability and the society of the future, so we are engaged in a number of initiatives that support this commitment,” Rooney explained. “By identifying sources of CO2 emissions in our materials and processes, we will identify ways to reduce our environmental impact and establish targets for long-term improvement.”

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