PERSTORP SELLS ITS BIOPRODUCTS BUSINESS

Perstorp announced the sale of Perstorp BioProducts, a leading producer of biodiesel and glycerine in Scandinavia, to a Swedish investor together with a member of the subsidiary’s management team. The terms of the transaction were not disclosed. The sale includes the production site in Fredrikstad, Norway, while the production site in Stenungsund, Sweden, will remain under Perstorp’s ownership. Perstorp will also, for a limited time, be a minority owner of the new company Adesso BioProducts AB. The 20 staff employed at Perstorp BioProducts, mostly in Fredrikstad, have been offered to continue their employment with Adesso BioProducts AB.  A tolling agreement forms a part of the sale, whereby Perstorp will continue to produce biodiesel at Stenungsund production site for Adesso BioProducts. In the long term, Adesso might relocate production and Perstorp may look to repurpose this site for other specialty chemical products.