Neste divests interests in Nynas to Bitumina Industries
Neste AB, the Swedish subsidiary of Finland-headed oil refiner and renewable fuel producer Neste Oyj has announced that it has sold its 49.99 percent shares in specialty oils and bitumen producer Nynas AB to Bitumina Industries Ltd on September 15, 2020.
Nynas is a Swedish manufacturer and global leader in naphthenic specialty oils and a premier bitumen partner in Europe. It has four refineries: Harburg in Germany, Nynäshamn, and Gothenburg in Sweden, and Eastham joint venture with Shell in the UK.
We have been an owner in Nynas since the 1990’s and have seen the company develop into a global leader in naphthenic specialty oils and a premier bitumen partner in Europe. We believe that the sale of Neste’s shares in Nynas to an industrial player with a strong focus in the same sector is the right solution for Nynas, recognizing also the ongoing reorganization process, said Jyrki Mäki-Kala, CFO, Neste.
The Bitumina Group is a global vertically integrated specialty bitumen company, also involved through its fully owned Danish subsidiary DenimoTech A/S in the production and engineering of bitumen process plants.
The company is an offspring of a German Asphalt Family and is today run by the third generation and has expanded its business successfully on a global scale, being a disruptor in the markets it operates in.
The transaction will make Bitumina Industries the single largest shareholder in Nynas AB.
We take great pride to have been able to acquire the shares in Nynas from Neste and are certain that this step will pave the way for a successful future of Nynas and all of its stakeholders, commented Bernd Schmidt, Executive Chairman of Bitumina.
Nynas is a natural expansion of Bitumina’s portfolio and will ensure the group takes a top position in European bitumen markets complementing the already strong presence in Latin America. The acquisition is in line with Bitumina’s successful vertical integration of products and services offered to global clients.
Nynas is currently in an ongoing reorganization process and Bitumina is engaged with all major stakeholders to reach a voluntary composition agreement and has for this purpose substantial financial backing to be able to execute a timely deal.
AXIS Strategic Partners with its team of professional bankers together with law firms ReedSmith LLP in the UK and DELPHI in Sweden are advising Bitumina on the transaction.