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Novomer Completes Sale of Converge Polyols Businesses to Saudi Aramco

Published on 2016-11-04. Author : SpecialChem

WALTHAM, MA -- Novomer, Inc. has announced the successful completion of the sale of its Converge polyols businesses to Saudi Aramco’s subsidiaries Aramco Services Company and Saudi Aramco Technologies. Included in the transaction, valued at up to USD 100 Million, are Novomer’s extensive CO2 polyol patent portfolio, along with certain equipment and product inventory.

Transaction Valued at Up to USD 100 Million

Novomer

Jim Mahoney, Novomer President, said: “The entire Novomer team is truly excited by this acquisition. Soon after we commercialized the Converge polyol technology we entered into a strategic relationship with Saudi Aramco and for the past two and one-half years have worked together to expand the commercial potential of this exciting technology. This acquisition is the culmination of that significant team effort. I commend Aramco on its strategic vision and commitment to innovation.” Mahoney also added: “Novomer will use the proceeds from this acquisition to fully commercialize its COEthTM (EO/CO) process to make low cost, sustainable C-3 and C-4 products, including glacial acrylic acid, butanediol, polypropiolactone and succinic acid.”

About Novomer

Novomer is commercializing new processes to produce a family of low-cost, sustainable chemicals. Novomer's groundbreaking catalyst technology allows carbon monoxide and other renewable feedstocks to be cost-effectively transformed into chemical products for a wide variety of industrial markets.

About Saudi Aramco

Saudi Aramco is one of the world leaders in integrated energy and chemicals. From producing approximately one in every eight barrels of the world’s crude oil supply to developing new energy technologies, its global team is dedicated to creating positive impact in all that it does. Saudi Aramco focuses on making its resources more sustainable and more useful. This promotes long-term economic growth and prosperity around the world.

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Source: Novomer
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