In one of the first moves, Milan-based Versalis, a subsidiary of Rome-headquartered energy giant Eni, will widen its shareholding in Novamont to 35%, with bioplastics producer Mater-bi holding the remaining 65%.  The companies said the new ownership distribution will help them to better leverage synergies and supply chains.

In 2011, Versalis and Novara-domiciled Novamont founded Matrica at Porto Torres in Sicily, aiming to turn the aging petrochemicals site into a “centre for green chemistry”. Over the years, however, little has come of the high-flying plans on which they planned to spend €500 million.

Looking ahead to the future, the partners said their intent now is to enhance Matrica’s technology and production assets in order to fully develop the company’s portfolio, which includes biomonomers for biodegradable polymers, biolubricants and bioadditives for elastomers.

Author: Dede Williams, Freelance Journalist