Novamont (Italy) acquires 78% of the shares in JV Mater-Biopolymer srl from Mossi & Ghisolfi (Italy)
Novamont and Mossi & Ghisolfi signed an agreement through which Novamont acquired from M&G 78% of the shares in Mater-Biopolymer srl – the company that controls their joint facility in Patrica (Italy) – with an option to buy the remaining share capital by the end of 2016.
While the Patrica plant was known as a highly efficient facility at a European level, it had become too small for the economies of scale of M&G’s PET production but was an ideal size for Novamont for production of Origo-Bi®, the range of polyesters obtained from monomers partially or completely from renewable sources.
After the necessary technological conversion, including the second production line, it will be perfectly suited to large-scale production of the Origo-Bi® range of polyesters. These polymers are used to improve the technical, economic and environmental characteristics of Mater-Bi®, Novamont’s range of biodegradable and compostable bioplastics.
The Patrica site will have the capacity for annual production of around 100,000 tons of a series of polyesters from the Origo-Bi® range, further stimulating upstream integration of the Novamont production chain.
“At such a challenging time for our country, the Bioeconomy sector and chemicals from renewable sources in particular are of proven strategic importance for economic recovery and creating value for the whole country” said Catia Bastioli, CEO of Novamont.
“We are pleased that the technological collaboration with Novamont is leading to the creation of flexible sites like Patrica, suited to the production of polymers with high sustainability. This fits with our group’s other activities, in particular through our affiliated companies Biochemtex and Beta Renewables, which offer the chance to reconvert other industrial sites in Italy to sustainable technologies”, said Marco Ghisolfi.