Italy – Italian chemical company Versalis, a subsidiary of Eni, has completed the acquisition of the remaining 64% stake in Novamont, a leading producer of chemicals from renewable raw materials.
Versalis had already owned a 36% stake in Novamont and the latest move is in line with its strategy to increase the use of renewable raw materials in its processes.
Versalis has been collaborating with Novamont for several years, including a joint venture called Matrìca, which saw an old Eni refinery in Sicily converted into a biorefinery that uses local agricultural waste as a raw material. The company has also invested in a biorefinery in Porto Marghera (Venice), which has been operating since 2014 and uses biomass as a raw material.
Renewable chemicals market
The acquisition of Novamont will further strengthen Versalis’ position in the renewable chemicals market. Novamont is a pioneer in the production of bio-based products and has been developing innovative materials such as biodegradable plastics and compostable packaging for over 30 years. The company’s flagship product, Mater-Bi, is a bioplastic made from corn starch and biodegradable polymers, and is used in a variety of applications including food packaging and agricultural films.
Versalis has been gradually shifting its focus towards renewable raw materials in recent years, with the acquisition of a second-generation bioethanol plant in Crescentino in 2018, and investments in plastic waste recycling facilities. The company aims to reduce its environmental impact and contribute to the circular economy by developing sustainable alternatives to traditional fossil-based products.
Bio-based products
The acquisition of Novamont is expected to have a positive impact on the renewable chemicals industry, as it will help to further advance the development of bio-based products and increase the use of renewable raw materials in the manufacturing process. However, there may be some challenges ahead, such as the need for more research and development to improve the performance and cost-effectiveness of bio-based products.
