Swedish chemical company Perstorp last week announced that it had bought OQ Chemicals’ Dutch esters manufacturing facility.
In July, a Bloomberg report speculated the Omani owners of OQ were gearing up to sell the company, based in Monheim, Germany, even though it rejected a takeover bid from a private equity firm.
Earlier in the year, OQ announced a 10% cull of non-production workforce and streamlining of operations to counter weak demand and high operational expenses. The disbursement of OQ’s site at the Port of Amsterdam chemicals park is part of that streamlining, according to a press release from OQ.
OQ retains operations in Germany and China, where it will continue its functional fluids, lubricants and cosmetic ingredients business.
Perstorp, headquartered in Sweden, is wholly owned by Petronas Chemicals Group Berhad of Malaysia. It in turn bought OQ outright, including production assets, technology and staff, the company said in a brief press release.
Perstorp were unable to elaborate on the specifics of the deal at the moment, but did say via email that “this investment will enable Perstorp to gain momentum within synthetic fluids.”