CHEMICAL MANAGEMENT

PTTGC International (Netherlands) B.V., a GC subsidiary, has Announced a Landmark Acquisition of Global Coating Resins Leader Allnex

PTTGC International | July 16, 2021

PTTGC International (Netherlands) B.V., a fully owned subsidiary of PTT Global Chemical Public Company Limited, has signed a deal to purchase industrial coating resins producer Allnex Holding GmbH from Allnex Holdings S.à.r.l and Allnex S.à.r.l, funds advised by Advent International.

The purchase allows G.C. Group to expand its business portfolio into specialty chemicals and enhance its leadership position in the chemicals industry by integrating environmentally friendly ideas with advanced technologies. In addition, through future investments, G.C. will serve as a long-term strategic partner to enhance allnex's market access to the Asia Pacific (APAC) region and grow its presence in emerging markets.

allnex is the world's largest manufacturer of industrial coating resins, providing a diverse range of coating polymers and additives such as powder coating resins, energy curable resins, crosslinking resins, and additives for use on a variety of substrates such as wood, metal, and plastic. With approximately EUR2 billion in revenue and an EBITDA margin of 17-19%, as well as a global production network of 33 cutting-edge manufacturing sites in 18 countries, 23 research and technology facilities, and approximately 4,000 employees worldwide, allnex holds leadership positions in all key industrial coating segments, including industrial metal, automotive, and packaging. For almost 70 years, the company has pioneered sustainable innovations for the coating industry, with the most recent rebranding to allnex in 2013.

Subject to regulatory clearances, the sale of allnex to ("G.C. Inter B.V.") is anticipated to complete in Q4 2021.

About PTT Global Chemical Public Company Limited
PTT Global Chemical Public Company Limited, or G.C., was established on October 19, 2011, as a public limited company to serve as the PTT Group's chemical flagship operation. In February 1984, G.C. was formed by the merger of many major companies, including National Petrochemical Co., Ltd. Since its inception, G.C. has committed itself to become a sector leader, with a combined olefins and aromatics capacity of 11.65 million tons per year, as well as a crude oil and condensate refining capacity of 280,000 barrels per day. The Group Performance Center – Refinery & Shared Facilities; Group Performance Center – Aromatics; Group Performance Center – Olefins; Polymers Business Unit; EO-Based Performance Business Unit; Green Chemicals Business Unit; Phenol Business Unit; and Performance Materials & Chemicals Unit are the company's core businesses. In terms of size and product diversity, G.C. is Thailand's biggest integrated petrochemical and refining company and a leading corporation in the Asia-Pacific area.

About allnex
allnex is the world's largest manufacturer of industrial coating resins and additives for architectural, industrial, protective, automotive, and specialty coatings and inks. Allnex is a specialty chemicals pioneer with a diverse product line that includes revolutionary liquid resins and additives, radiation cured and powder-coated resins and additives, and crosslinkers for wood, metal, plastic, and other surfaces. Allnex now has a global presence with 4000 people, 33 production locations, and 23 research and technology support centers.

Advent International's Mission
Advent International Corporation, founded in 1984, is one of the biggest and most experienced worldwide private equity investors. The company has invested in over 375 private equity deals in 42 countries and has EUR62 billion (US$76 billion) in assets under management as of December 31, 2020. Advent has developed a globally integrated team of over 240 private equity investment experts throughout North America, Europe, Latin America, and Asia, with 14 offices in 11 countries. The company invests in five main sectors: business and financial services, health care, chemicals and industrial, retail, consumer and leisure, and technology.

In recent years, Advent has made investments in over 30 businesses in the chemicals sector. Röhm, a worldwide leader in methacrylate chemicals, allnex, a global leader in resins for the paints and coatings industry, and Oxea, a major provider of oxo alcohols and oxo derivatives, are a few examples. Additionally, Advent has made investments in VIAKEM, a major producer of fine chemicals, and GTM, a transnational distributor of chemical raw materials in Latin America.

After 35 years of international investing, Advent International Corporation is still determined to work with management teams to deliver long-term revenue and earnings growth for its portfolio companies.

Spotlight

TCI is a leading provider of organic and synthetic chemical materials. Our products are of the highest standard due to our rigorous quality controls. We have materials applicable for research and academic uses along with customizable synthesis for cosmetic and pharmaceutical applications.Additionally, we offer customizable quantities through our global supply chain. Visit our website for details on our extensive offerings of over 26,000 products.


Spotlight

TCI is a leading provider of organic and synthetic chemical materials. Our products are of the highest standard due to our rigorous quality controls. We have materials applicable for research and academic uses along with customizable synthesis for cosmetic and pharmaceutical applications.Additionally, we offer customizable quantities through our global supply chain. Visit our website for details on our extensive offerings of over 26,000 products.


Related News

CHEMICAL MANAGEMENT

Aterian Combines U.S. Zinc with EverZinc to Form World's Largest Zinc Specialty Chemical Company

Aterian Investment Partners | June 06, 2022

Aterian Investment Partners has combined U.S. Zinc and EverZinc, two of the largest global producers of zinc chemical products, to form the pre-eminent global zinc chemistry business. The combined company will operate under the EverZinc name, and will be headquartered in Houston, Texas. The company will support high value markets, such as personal care, alkaline, storage and rechargeable batteries, pharmaceuticals, chemicals, textiles, agriculture, feed, paints and coatings, and rubber and serve its customers from 14 facilities located throughout North America, Europe and Asia. U.S. Zinc is a United States leader in zinc oxide, fine zinc powder and zinc metal. The business is differentiated through over 70 years of innovation, strong material science know-how and quality in the marketplace. U.S. Zinc services the domestic market with an expansive capacity and manufacturing footprint throughout its four facilities in Texas and Tennessee. EverZinc, through its 185-year heritage, is a global zinc technology leader in specialty zinc materials, including fine zinc powders, zinc oxides, battery zinc powders and Zano®, an ultra-fine zinc oxide. EverZinc services its customers through 10 production sites located in Belgium, Canada, China, the Netherlands, Norway and Malaysia. Aterian, an operationally-focused middle market private investment firm targeting industry leading businesses, acquired U.S. Zinc in 2018. "We're excited to partner with Aterian and the board to lead this new combined organization forward into the future. This strategic combination brings together two industry pioneers. By combining our comprehensive zinc chemistry platforms, employee base, proven R&D and technology capabilities and specializations, we will further our leadership in catapulting the new organization years ahead on the technology curve." Vincent Dujardin, Chief Executive Officer at EverZinc, who will lead the combined company as President and Chief Executive Officer "We built a long-term thesis around zinc chemistry, starting with our platform investment in U.S. Zinc," said Christopher H. Thomas, Co-Founder and Partner at Aterian. "As one of the most widely available and sustainable metals in the world, zinc is uniquely recyclable and has applications critical to our future. This investment further expands on our vision as the organization will continue to partner and innovate with its customers to lead the industry through technological and sustainable alternatives and solutions." Zinc is the fourth most common metal in use in the world and has made considerable inroads as a potential material of choice in nascent markets. These include innovations in personal care, where zinc minerals are seen as a better alternative to existing materials in sunscreen and skin care, and renewables and energy storage, where new battery combinations such as zinc air and nickel zinc are alternatives to existing stationary power storage technologies. "This combination will strengthen our global footprint, improve sourcing capabilities, diversify our business and allow our platform to better serve customers on a global scale," said Joel Hawthorne, President and Chief Executive Officer of U.S. Zinc, who will serve as Vice Chairman of the EverZinc enterprise and member on the combined company's board. "We are eager to continue serving existing applications while cultivating new market streams for our zinc components." Zinc is highly recyclable. The new company intends to source a majority of its critical raw materials from third party by-product streams, by converting used zinc material already available in the marketplace, thus encouraging greater industry-wide sustainability. Zinc can be recovered without a significant loss in quality, resulting in less need for virgin zinc and the air and water emissions, deforestation, energy consumption and waste that often results from mining and processing virgin zinc. "Aterian will continue to support EverZinc through investment in capacity, technology and innovation," said Joshua Ciampa, Managing Director at Aterian. "Global applications for zinc are reaching a critical inflection point and we are pleased to be in a position to leverage our European or Asian technology for capacity in North America, and vice-versa." Aterian Investment Partners, U.S. Zinc's controlling shareholder, will continue to own the combined company. Kirkland & Ellis LLP served as legal counsel to U.S. Zinc and Aterian, and Moelis & Company LLC served as U.S. Zinc's and Aterian's M&A advisor. Willkie, Farr & Gallagher LLP served as legal counsel and Jefferies served as lead financial advisor and Stifel served as financial advisor to seller. About U.S. Zinc Headquartered in Houston, Texas, for more over 70 years, U.S. Zinc is the premier global leader in value added zinc products including zinc oxide, zinc powder, and zinc metal products sold to the tire, chemical, coatings, and agriculture markets. The business is differentiated through over 70 years of technology and quality in the marketplace, with an expansive manufacturing footprint throughout four facilities in Texas and Tennessee. About EverZinc EverZinc is a global provider of specialty zinc materials including fine zinc powders, zinc oxides, battery zinc powders and Zano®, an ultra-fine zinc oxide. The company's products are used in a wide variety of applications, including corrosion inhibiting paints, performance tires, pharmaceuticals, ceramics, glass, sunscreen, alkaline batteries, and other products. With manufacturing operations located in Belgium, Canada, China, the Netherlands, Norway, and Malaysia, EverZinc leads through its 10 production sites to serve its growing global customer base. About Aterian Investment Partners Aterian Investment Partners is a private equity firm that invests in industry-leading, middle market businesses. In collaboration with management, Aterian supports investments throughout an organization, from people to processes, equipment, technology, and social governance, among others. With offices in New York and Florida, Aterian has raised cumulative equity commitments of more than $1.5 billion since its founding in 2009.

Read More

CHEMICAL MANAGEMENT

DeNovo Delivers First Gas from Zandolie

Proman AG and | July 14, 2022

DeNovo Energy Limited part of the Proman family of companies, announced delivery of first gas from its Zandolie field. The Unmanned Minimum Facility is DeNovo's second offshore field development to be completed in Block 1 on the West Coast of Trinidad. DeNovo has once again proven its commitment to increasing Trinidad's national gas supply by safely and quickly developing stranded and marginal gas reserves. With an investment of USD 52 MM, Zandolie was completed within 31 months amidst the Covid-19 pandemic. To date, with approximately 371 persons employed at peak of construction, there has been Zero Loss Time Incidents from 476,613 manhours. Of the total manhours spent delivering the project, 66% were local content manhours. Overall, the Zandolie project was delivered with 56.4% local content spend. Zandolie is a single well, conductor-supported platform with a nameplate capacity of 40 MMSCFD. The field development builds off the existing Iguana Infrastructure enabling a more compact topside structure that is lighter and more efficient. The space saving achieved also minimises the use of steel in the design allowing for a modular design and greater use of local fabrication services. The ground-breaking integration of renewable resources makes Zandolie the first design of its kind in Trinidad and Tobago. Powered by wind and solar, the 100% renewably powered platform was also fully fabricated in country, affirming DeNovo's commitment to reducing its carbon footprint and maximising local talent and resources. The facility has also been designed to prevent methane slip in the transportation of gas during the extraction process and in its movement to DeNovo's on-shore gas processing facility within the Point Lisas Industrial Estate. Construction of the platform was completed at the United Engineering Services Limited (UESL) local fabrication yard, and the Zandolie Drilling campaign was also safely conducted by the local Well Services Rig 110. Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Honourable Stuart R. Young, M.P., proudly commended DeNovo remarking: "I am very pleased to witness this successful milestone achieved by DeNovo. The story of local fabrication and skills as well as personnel used for Zandolie proves that it can be done. I encourage DeNovo to continue pursuing opportunities for increased gas production in Trinidad and Tobago and look forward to more success from you." "This critical milestone in DeNovo's second field development highlights the drive by the team to constantly improve and learn. We pushed ourselves to deliver a greener and more local platform. The result is that the Zandolie platform is a local fabrication which is 100% powered by renewable energy – and which will minimize the carbon footprint of our operations. It is our intention to keep acquiring access to new acreage to allow us to do more projects like this on a regular basis. With Zandolie, DeNovo is demonstrating that our future energy industry can be done locally and with a lower carbon footprint – both aligned to the country's development objectives." DeNovo's Managing Director, Bryan Ramsumair Claus Cronberger, Managing Director Proman Trinidad and Tobago and Chairman of DeNovo, said: "The first commercial gas supply from Zandolie is a significant accomplishment. Across the Proman family of companies, we have always been driven by innovation and the use of best-in-class technology in our facilities, and Zandolie exemplifies this thinking. Our teams at DeNovo and Proman Trinidad and Tobago, and our local contractor partners, have done an outstanding job delivering this world-class facility. Together we have achieved a significant first for Trinidad and Tobago, demonstrating our drive to enhance the competitiveness of the local energy sector, increase the security of our country's gas supply by developing stranded gas reserves, and continuing to deliver opportunities to grow local talent." ABOUT DENOVO DeNovo is an energy company focused on meeting the energy needs of Trinidad and Tobago with specific focus on the petrochemical sector. With strong local capability and global collaboration, DeNovo is distinguished for delivering innovative results to meet current and future energy needs. DeNovo is committed to delivering its business with zero harm to people and the environment, and increasingly reducing its carbon footprint by using innovative and green technology. Since commencing gas production on its first field in November 2018, DeNovo has demonstrated safe and reliable operations with an uptime of 99.8%. Its second field development will be powered by 100% renewable energy. A member of the Proman family of companies, DeNovo remains committed to maximizing the use of local content and innovative technology to unlock opportunities and to find new and better ways to contribute to the sustainable development of hydrocarbon resources for the benefit of Trinidad and Tobago. ABOUT PROMAN Proman is an integrated industrial group and global leader in natural gas derived products and services. Headquartered in Switzerland, with assets in the United States, Trinidad and Oman, and ongoing expansion into Mexico, Canada and the United Arab Emirates Proman is the world's second largest methanol producer and has extensive experience in petrochemical plant operations, petrochemical and power plant construction, product marketing and logistics, and project management.

Read More

CHEMICAL MANAGEMENT

Alpek Concludes Acquisition of OCTAL

OCTAL and Alpek | June 02, 2022

Alpek, S.A.B. de C.V. announced that it has received all necessary approvals from the regulatory authorities and has finalized its acquisition of OCTAL Holding SAOC Pursuant to the purchase agreement, Alpek acquired 100% of the shares of OCTAL for U.S. $620 million on a debt-free basis. Financing was secured through a mix of free cash flow generated from existing businesses and dedicated bank loans. Alpek will assume control of OCTAL's operations starting on June 1, 2022. The Company expects an accretive EBITDA effect of approximately U.S. $120 million from these assets throughout the remainder of 2022, largely based on the better-than-expected Polyester market conditions prevalent in recent months. This would increase the Company's Comparable EBITDA Guidance to U.S. $1,370 million and Reported EBITDA Guidance to U.S. $1,485 million. "We are pleased to have concluded this acquisition ahead of the expected timeline. We are excited to welcome OCTAL's management team and employees into our family, leveraging their long-standing relationships with customers, their diverse backgrounds, and technical proficiency to drive the Company's long-term growth." José de Jesús Valdez, Alpek's CEO About Alpek Alpek is a leading petrochemical company operating two business segments: "Polyester" and "Plastics & Chemicals" Alpek is a leading producer of PTA, PET resin and PET sheet worldwide, one of the largest rPET producers in the Americas, the third largest expandable polystyrene manufacturer worldwide, and the only producer of polypropylene in Mexico. In 2021, Alpek reported revenues of U.S. $7.7 billion and Comparable EBITDA of U.S. $962 million. The Company operates 35 plants across the United States, Mexico, Canada, Brazil, Argentina, Chile, Oman, Saudi Arabia, and the United Kingdom, and employs over 6,500 people. Alpek is a publicly traded company listed on the Mexican Stock Exchange.

Read More