Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS from the current Norwegian owners, private equity fund E&M.
The company states that the remaining 49 percent of the shares will be acquired by September 2015. The price of the acquisition was not disclosed.
“Norner is a market leader in polymer and plastics innovation and will be an important part of the jigsaw to SCG Chemicals in many areas of product innovation,” said Cholanat Yanaranop, president of SCG Chemicals.
Tine Rørvik, CEO Norner said: “We are very proud to have SCG Chemicals as a strategic investor and are confident that their strategic visons and financial power will give Norner a good platform for future growth internationally.”
Norner, based in Stathelle, Norway, specializes in catalysts and additives.
SCG Chemicals is a wholly owned subsidiary of Bangkok-based Siam Cement Group (SCG). SCG has interests in over 200 companies and employs approximately 50,000 people. It calls itself the largest industrial conglomerate in Thailand.