M&As: HS Hyosung to acquire major stake in Umicore’s battery materials unit; Grace acquires Advanced Refining Technologies
South Korea’s HS Hyosung Advanced Materials Corp. will invest EUR120 million to acquire a controlling stake in Umicore NV’s (Brussels) battery anode material subsidiary, Extra Mile Materials NV (EMM).
The company will take an 80% stake in EMM, while Umicore will hold the remaining 20%. The transaction marks HS Hyosung’s entry into the battery materials business. The company is currently a global producer of tyre cords, automotive seatbelt yarns and airbag fabrics.
Battery manufacturers consider silicon anode materials vital for developing the next generation of batteries, as they offer an energy density more than 10 times that of conventional graphite anode materials.
For instance, POSCO Group established a full production system for silicon anode materials at a 550-tonne/year plant in the Yeongilman Industrial Complex in Pohang, South Korea last year.
US-based supplier of specialty chemicals W. R. Grace & Co. has acquired Chevron USA Inc.’s interest in Advanced Refining Technologies (ART), a joint venture between Grace and Chevron and a premier provider of refining catalysts that produce lower carbon intensity fuels. Terms of the deal were not disclosed.
This transaction makes Grace the sole owner of ART, a provider of refining catalysts that produce lower carbon intensity fuels.
Under full Grace ownership, ART will continue to produce catalysts for fixed and ebullated bed resid hydroprocessing, distillate hydrotreating, and the EnRich portfolio of guard and hydrotreating catalysts for renewable diesel and sustainable aviation fuel production.
ART will also continue as the exclusive supplier of hydroprocessing catalysts to Chevron Lummus Global (CLG), a joint venture between Chevron and Lummus Technology, for use in newly licensed fixed and ebullated bed process units.
Under a separate agreement, CLG will develop, sell and support the hydrocracking, lubes, and EnHance isomerisation catalysts for renewables hydroprocessing.
“CLG is proud to continue our close collaboration with Grace as we expand our catalyst portfolio and deepen our support for hydrocracking, lubes and EnHance applications in renewables hydroprocessing,” said Rajesh Samarth, CEO of Chevron Lummus Global. “With ART as our catalyst supplier, we are well-positioned to deliver integrated solutions that help meet our customers’ evolving demands,” he added in the statement.
(PRA)SUBSCRIBE to Get the Latest Updates from PRA Click Here»
