Borealis Extends CEO Garrett’s Contract Until 2019
Mark Garrett will continue to serve as CEO of Borealis at least through June 2019. The Vienna, Austria-based company said the five-year extension of the Australia native's contract reflects its commitment to stability and continuity following a recent period of transformation and growth.
Since stepping in the job in 2007, Mark Garrett has guided Borealis through its transformation from a European organization focused on polyolefins to an international company supported by the three separate profit centers of polyolefins, base chemicals and fertilizers, as well as Borouge, its joint venture with the Abu Dhabi National Oil Company (ADNOC).
Under Garrett's tenure, Borealis has made significant investments in its production facilities in Stenungsund, Sweden, and Linz, Austria. It has also made a number of acquisitions, adding strategic assets in both polyolefins and fertilizers. The list includes DEXPlastomers, GPN, Rosier, Neochim AD, and others.
When the Borouge 3 plant in Abu Dhabi is fully operational in 2015, Borealis and Borouge will have joined the ranks of the top ten global polyolefin producers, the company said. The €4.5 billion Borouge 3 investment is a key component of Borealis' strategic aim to expand from its European market base to other geographies in reach of growth and profits.
Looking ahead, Garrett said Borealis is focused on consolidating its acquisitions following "a period of transformation and growth" In 2015 and 2016, he said the company expects its positive profit trend to continue amid an ever-changing and challenging market environment, thanks in large part to the extra capacity achieved through Borouge 3.