Leading Specialty Chemicals company Perstorp (Perstorp Holding AB) today announces the sale of its formaldehyde technology and catalyst business, Formox (Formox AB) to Johnson Matthey (Johnson Matthey Plc), a global speciality chemicals company and a leader in sustainable technologies. The divestment is in line with Perstorp’s strategy to focus on and expand its core specialty chemicals activities.
Formox is the leading global provider of catalysts, plant designs and licenses for the manufacture of formaldehyde, an important chemical intermediate. It has developed a market leading range of novel metal oxide based catalysts for the production of formaldehyde from methanol and is the leading provider of process technology for metal oxide based formaldehyde production plants with an installed base of around 120 plants worldwide. Formox also provides a full recycling and refining service for spent metal oxide catalysts and manufactures platinum based VOC abatement catalysts for formaldehyde plants. The business is based in Perstorp, Sweden, and employs 100 people in Sweden, China, Singapore and the US.
“The sale of Formox is a natural step in our strategy of focusing on growing our core technical platforms. The transaction provides Formox and its employees with an opportunity to develop further within Johnson Matthey as an explicit plant and catalyst technology provider”, says Perstorp President & CEO Martin Lundin.
“The acquisition of Formox will complement our existing technologies for process catalysts, plant design and licensing. Formox has a strong position in a growing and profitable market which gives Johnson Matthey new opportunities to grow its sales of catalysts and process technology into the wider petrochemicals market”, Neil Carson, Chief Executive of Johnson Matthey says.
Millington Advisory Partners acted as exclusive financial advisor to Perstorp in relation to the transaction.
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