Oxea to acquire Ester plant in the Netherlands from ExxonMobil
The chemical company Oxea announced that is has signed an agreement to acquire ExxonMobil’s ester plant in Amsterdam. The acquisition, expected to be closed in July 2009, will strengthen Oxea’s position in specialty chemicals and provide both an extension of its value chain as well as broadening its application basis. Oxea plans to use the facility to extend its ester capacities and also produce specialties used as precursors for lubricants, flavors and fragrance, pharmaceuticals and high performance plasticizers.
“The products produced in Amsterdam will complement the existing Oxea product portfolio. Not only will we be able to offer new products. We will also achieve more flexibility that will result in higher security of supply for existing Oxea esters”, said Miguel Mantas, member of the Oxea Executive Board.
Dr. Martina Flöel, spokesperson for the Executive Board of Oxea, commented on the acquisition: “Our major advantage is that we produce the base materials for ester production ourselves. This makes us independent and further improves our supply capability. The new Oxea site is therefore an important step in our strategic plan of expanding further into growth markets while optimizing and enhancing our own value chain and product portfolio."
The acquisition is subject to completion of the consultation process with ExxonMobil’s works council. Both parties agreed not to disclose further details of the transaction.
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