Versalis, Eni's chemical company, has acquired 40% of Finproject, the Italian leader in the compounding sector and the production of ultralight products, from the VEI Capital fund with the aim of creating value by integrating the respective production chains.

 

This acquisition marks Versalis’ entry into the high-performance formulated polymer applications sector, extending its positioning towards businesses that are more resilient to the volatility of the chemical scenario.

 

"We are delighted to have concluded this strategic operation with such a valuable Italian company as Finproject - said Daniele Ferrari, CEO of Versalis (Eni) - There are many opportunities that will see us working together to develop highly innovative products with a vision of growth in the name of sustainability and the circular economy".

 

The Versalis-Finproject operation will create a new centre of industrial competence in specialty plastic materials that will play a leading role in the development of the sector in Italy and worldwide. Finproject's market position in high value-added applications, in combination with Versalis' technological and industrial leadership in the chemical industry, will create an undeniably remarkable value chain. Together they will develop new materials geared towards sustainability and the circular economy, creating solutions that will bring innovations to countless strategic sectors such as wires and cables, automotive, design, fashion and many other emerging industries. 

 

“I believe that the significance of this transaction is even stronger today” commented Maurizio Vecchiola, President and CEO, Finproject “In a complex scenario, such as the one following the COVID emergency, the creation of an all-Italian hub for innovative plastic materials is good news for the industrial system of the country and bodes well for those of us who imagine the future in a proactive way. Finproject had already implemented an initial integration process in 2017 with the acquisition of Padanaplast, back under Italian ownership following a period of management by the Belgian firm Solvay”.

 

The Finproject Group is based in the Marche region and owns 11 production and research plants in several countries (5 in Italy, Romania, India, China, Vietnam, Canada, Mexico,) and two showrooms (Brazil and Turkey). The company is a market leader in the production of cross-linkable and thermoplastic compounds and in the moulding of products for the footwear sector, and products in ultra-light materials under the brand XL EXTRALIGHT.