OQ Chemicals sells esters plant in Amsterdam to Perstorp

OQ Chemicals has announced the sale of its Dutch esters plant in Amsterdam to Perstorp Holding AB. This move aligns with the company’s strategy to enhance operational efficiency and focus on driving growth in its core business areas.

The company will continue to grow its functional fluids, lubricants, and cosmetic ingredients portfolio from its ester production facilities in Oberhausen, Germany, and Nanjing, China.

OQ Chemicals, formerly known as Oxea, is a leading global producer of Oxo intermediates and Oxo performance chemicals, including alcohols, polyols, carboxylic acids, specialty esters, and amines. These versatile chemicals are integral to the production of high-quality coatings, lubricants, cosmetics, pharmaceuticals, flavours and fragrances, printing inks, and plastics.

Perstorp Holding AB is a subsidiary of Malaysia’s PETRONAS Chemicals Group Berhad (PCG). This acquisition provides Perstorp with complete ownership of the Dutch company, OQ Chemicals Nederland B.V., its production assets, technology, and workforce.

Ib Jensen, president and CEO of Perstorp, commented on the acquisition: “With this acquisition of OQ Chemicals Nederland B.V., we are further enabling our growth strategy and focus on the specialty chemicals sector as well as sustainable solutions.”

The deal underscores Perstorp’s commitment to enhancing its capabilities in providing innovative and environmentally sound chemical solutions globally.

Founded in Sweden in 1881, Perstorp is recognised for its expertise in organic chemistry, process technology, and application development. Petronas Chemicals Group Berhad (PCG), a subsidiary of Malaysia’s state-owned PETRONAS, acquired Perstorp Holding AB in October 2022. The acquisition was valued at approximately USD1.6 billion. This strategic move marked PCG’s expansion into the specialty chemicals market, leveraging Perstorp’s expertise and presence in key markets to drive growth and sustainability-focused innovations.

Perstorp serves diverse sectors, from automotive and consumer electronics to renewable energy and agriculture. With a workforce of approximately 1,500 employees and a revenue of SEK12.2 billion (USD1.11 billion) in 2023, Perstorp continues to drive advancements in the specialty chemicals market under the PETRONAS Chemicals Group umbrella.

This acquisition is expected to reinforce Perstorp’s competitive position while contributing to its sustainability agenda, furthering the integration of advanced, eco-friendly solutions across its global operations.