M&A

M&A

Artek buys Finnish chemical co Kemira's oil & gas biz for $280-M

Mint  

Mumbai-based Artek Group has acquired Finnish chemicals company Kemira's oil and gas business for USD 280 million. The deal, executed through Artek's US-based subsidiary Sterling Specialty Chemicals, is expected to close in the first quarter of 2024. Kemira Oil & Gas operates plants in Mobile, Columbus and Aberdeen, Mississippi as well as plants in Teesport, UK and Botlek, the Netherlands. About 250 employees are expected to transfer to Sterling Specialty as part of the transaction. In September 2020, Sterling Auxiliaries Pvt Ltd and its parent company, Artek Surfin Chemicals Ltd, acquired Baker Hughes chemical manufacturing facility in Oklahoma in the US. Artek previously acquired Galata Chemicals in 2014.