Perstorp, Sweden - Swedish speciality chemicals company Perstorp, which produces aliphatic polyisocyanates for polyurethane coatings, has received a Euro 112 million ($161 million) increase in capital from its controlling shareholder PAI partners, positioning the company to "seize additional growth opportunities," a 30 Dec statement said.
The company and its lenders have also agreed to amend Pertorp's financing conditions by giving them more flexibility, in line with current business development, the statement added.
"Perstorp has proven its ability to manage a severe business climate and we are keen to continue developing Perstorp further for the benefit of all stakeholders," said Lennart Holm, partner at PAI and vice chairman of the Perstorp board.
"Perstorp's business model has proven successful over the past years, in particular following the decisive measures implemented at the start of the economic downturn," said Perstorp ceo Martin Lundin. "Perstorp is ideally positioned to emerge a stronger company as the business climate recovers," Lundin continued, adding that the company has experienced a steady increase in activity since March 2009.
Separately, the company has appointed Mike Schneider as its new market development manager for Coatings and Adhesives - focusing primarily on products such as the company's Tolonate and Easaqua aliphatic polyisocyanates, a 28 Dec company statement said.
Schneider will provide technical support to coatings and adhesives formulators in Germany, Austria, Switzerland and the Benelux region. (RD)
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