Kemira divests Oil and Gas business to Sterling Specialty Chemicals
20 December 2023
The Finnish chemicals company Kemira has signed an agreement to divest its Oil & Gas activities to Sterling Specialty Chemicals, a US subsidiary of Artek Industries, a global industrial chemicals group based in India, for a consideration of $280 million. The total revenue to be carved out amounted to €430 million in 2022.
The sale of the Oil & Gas business will strengthen Kemira's focus on sustainability and strategic priorities, including expansion in water treatment, building a leading renewable energy portfolio and digital services business.
Houthoff advised Kemira on the carve-out of Kemira's Dutch novel liquid polymer (NLP) activities in the Botlek and the entering into a long-term operating agreement that enables Kemira to retain its dedicated employees.
