Neste divests stake in Nynas to Bitumina Industries
Company has sold its 49.99% shares in Nynas AB to Bitumina Industries Ltd for an undisclosed amount.
Neste AB has sold its 49.99% shares in Nynas AB to Bitumina Industries Ltd on 15 September 2020 for an undisclosed amount.
“We have been an owner in Nynas since the 1990’s and have seen the company develop into a global leader in naphthenic specialty oils and a premier bitumen partner in Europe. We believe that the sale of Neste’s shares in Nynas to an industrial player with a strong focus in the same sector is the right solution for Nynas, recognizing also the ongoing reorganization process,” says Neste’s Chief Financial Officer Jyrki Mäki-Kala.
Nynas is a Swedish manufacturer and marketer of naphthenic specialty oils and bitumen products. Nynas has four refineries: Harburg in Germany, Nynäshamn and Gothenburg in Sweden and Eastham in the UK. Eastham is a joint venture with Shell.
The Bitumina Group is a vertically integrated specialty Bitumen company which has expanded its business on a global scale.
“We take great pride in having been able to acquire the shares of Neste in Nynas which is a natural expansion in our global industrial bitumen portfolio. We are certain that we can contribute to the successful future of Nynas”, says Bernd Schmidt, Executive Chairman of Bitumina Industries Ltd.
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