Oxea (Germany), a global supplier of solvents, polyols and oxo derivatives, signed an agreement to acquire ExxonMobil's ester plant in Amsterdam (Netherlands). The acquisition, expected to be closed in July 2009, will significantly strengthen Oxea's position in specialty chemicals and provide both an extension of its value chain as well as broadening its application basis. Oxea plans to use the facility to extend its ester capacities and also produce specialties used as precursors for lubricants, flavors and fragrance, pharmaceuticals and high performance plasticizers.
Oxea's major advantage in favour of the deal is that the company produces the base materials for ester production and the plant acquisition will make them independent and enhance their supply capability. The Amsterdam ester plant has 19 employees and is a state-of-the-art plant producing a wide range of esters. The acquisition is subject to completion of the consultation process with ExxonMobil's works council. Both parties agreed not to disclose further details of the transaction.