Perstorp announced the sale of Perstorp BioProducts, a leading producer of biodiesel and glycerine in Scandinavia, to a Swedish investor together with a member of the subsidiary’s management team. The terms of the transaction were not disclosed.
The sale includes the production site in Fredrikstad, Norway, while the production site in Stenungsund, Sweden, will remain under Perstorp’s ownership. Perstorp will also, for a limited time, be a minority owner of the new company i.e. Adesso BioProducts AB. The 20 staff employed at Perstorp BioProducts, mostly in Fredrikstad, have been offered to continue their employment with Adesso BioProducts AB.
A tolling agreement forms a part of the sale, whereby Perstorp will continue to produce biodiesel at Stenungsund production site for Adesso BioProducts. In the long term, Adesso might relocate production and Perstorp may look to repurpose this site for other specialty chemical products.
Jan Secher, President and CEO of Perstorp, commented: “Adesso BioProducts is one of the leading suppliers of biofuels in Scandinavia and we see great potential for the business under its new ownership. For Perstorp, the sale is in line with our strategy to focus on high growth areas in the specialty chemicals market and build on our position as a global leader in the field. We look forward to continuing our good cooperation with the new owners.”
Lars Lind, CEO of Adesso BioProducts AB commented: “With the rapidly increasing focus on the decarbonization of the transportation sector, demand for biofuels and bio-based fuel components will see continued strong growth and provides us with a great potential to expand. Aside from the development of the existing biofuel portfolio, we see an interesting opportunity in biocomponents suitable for advanced biofuels, carbon free aviation and bio-based chemicals. We thank the team at Perstorp for their continued support and look forward to the next stage of our development. The transportation bio fuels market will be the core business of Adesso BioProducts AB and we possess extensive experience and knowledge within the industry. The focus and setup of the company will also allow us to adapt quickly to any changes in the industry.”