Following satisfaction of customary transaction approvals, MOL Group has announced that, effective 31 October 2019, it has acquired 100% shareholding in Aurora, a German plastic compounder company. As a result of the acquisition, MOL is strengthening its position in recycled, sustainable compounding segment and in the automotive supplier industry.
MOL is an established virgin polymer supplier, continuously looking for opportunities to extend its petrochemical value chain towards higher added-value products. To reach this goal, MOL aims to widen the synergies with its current polymers product portfolio via both organic and inorganic developments, to gain expertise and high-end capabilities in both virgin-based and recycled plastic compounding. This acquisition adds Aurora’s excellence in engineering plastics and polypropylene recyclate-based compounds to MOL’s portfolio.
Aurora, with production plants located nearby automotive manufacturing and plastics conversion clusters in Baden-Württemberg, Germany has a unique and lean closed-loop business model. Aurora collects industrial plastic waste, recycles it and then upgrades the properties of the material into an enhanced plastic that suits the requirements of the customers in the car manufacturing industry. By combining MOL’s experience and Aurora’s exceptional know-how, the long-term objective is to accelerate further market growth while relieving the burden on the environment.
The acquisition is another important milestone in MOL Group’s transformational journey to become a major chemical player in Central and Eastern Europe, after the partnering with German APK in plastic recycling. The company expands its footprint in the automotive industry, a strategic segment for MOL, while addressing the increasing needs of its customers towards more sustainable products.
Ferenc Horváth, Executive Vice President of MOL Group Downstream said: “The recyclate-based products of Aurora greatly complement our current product line, underlining our increasing efforts towards sustainable development. As we strive to strengthen MOL Group’s presence as an automotive supplier, we recognised compounding as a key activity which we want to integrate in our business portfolio.”
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/11112019/mol-group-acquires-aurora-group/