Borealis AG is buying out DuPont Co.’s two-thirds share in their Specialty Polymers Antwerp NV joint venture.
No purchase price was disclosed in an Aug. 7 news release that announced the deal. Wilmington, Del.-based DuPont will continue to sell ethylene vinyl acetate (EVA) and acrylate compolymers made at the JV’s plant, which is in Zwijndrecht, Belgium.
“The acquisition…is in line with our strategy to grow our polyolefin business in specific market areas,” Borealis CEO Mark Garrett said in the release. “Acrylate polymers…are an important building block for our value-added products sold into our core energy and infrastructure market.”
Vienna-based Borealis is a leading producer of polyolefins, base chemicals and fertilizers. The firm posted sales of more than $10 billion in 2013. Borealis is majority-owned by state-owned International Petroleum Investment Co. of Abu Dhabi.
IPIC also owns North American ethylene and polyethylene producer Nova Chemicals and Middle Eastern petrochemicals firm Borouge.