Yantai, Shandong – Wanhua has acquired Chematur Technologies, a Swedish developer of MDI, TDI, hydrogen peroxide and bioethanol-derived chemicals.
The deal is priced at $135m, and it was done through subsidiary Wanhua Chemical (Hungary) Holding.
‘The acquisition aims to bolster our company’s R&D proficiency in Europe and raise its competitiveness in the global market,’ the announcement said.
Wanhua acquired a 75% stake in Chematur from Chinese chemical group Jilin Connell Investment. The remaining 25% stake came from Hong Kong registered Europe-America Energy Technology.
Europe-America Energy Technology was set up in 2017, according to information in the Hong Kong’s Companies Registry.
Last year, Chematur recorded SEK 20m ($2m) net profit on SEK 116m revenue. The company had SEK 168m in assets at the 2018 financial year end, the announcement said.
The takeover also required the transfer of an 80% stake in Connell’s subsidiary Fujian Connell Polyurethane to Wanhua. The subsidiary has been planning a new MDI plant with 400kT/year capacity in Fuzhou, Fujian.
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