- Versalis will complete the acquisition of Finproject's remaining 60% stake in Q4 2021.
- Versalis initially acquired a 40% stake in Finproject in July 2020.
- Finproject specializes in cross-linkable and thermoplastic compounds and ultralight expanded materials.
- The transaction is subject to Antitrust Authorities' approval.
Acquisition Details
Versalis has announced its decision to exercise the call option to acquire the remaining 60% of shares in Finproject, an industrial group based in the Marche region. This move will increase Versalis' stake to 100%, with the transaction expected to close in the fourth quarter of 2021. The initial acquisition of a 40% stake took place in July 2020 from VEI Capital.
Strategic Objectives
The acquisition aligns with Versalis' strategy to become the Italian leader in high-performance formulated polymers. By leveraging the synergy between Versalis' technological and industrial leadership and Finproject's market positioning, the company aims to create a resilient business platform. This will enable the development of innovative technological solutions for various sectors, including fashion, design, footwear, and industrial applications such as cables, pipes, renewable energy, construction, and automotive.
Product and Market Expansion
Finproject is a leading operator in Italy for the production of cross-linkable and thermoplastic compounds, particularly for the footwear sector. The company also produces ultralight expanded materials under the XL EXTRALIGHT® brand. The acquisition will allow Versalis to extend its commercial portfolio with more specialized products, including those derived from renewable or recycled raw materials and ISCC PLUS certified, aligning with Eni's strategy focused on decarbonization, circular economy, and sustainability.
Global Presence
Finproject operates 11 production and research facilities across Italy, Canada, China, India, Mexico, Romania, and Vietnam. The transaction is subject to the authorization of the competent Antitrust Authorities.
