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Kemira signed an agreement with Sterling Specialty Chemicals, selling its oil and gas business at around € 260 million. Kemira is a global leader in sustainable chemical solutions located in Finland. The company mainly focuses on building sustainable chemical solutions for water industries, enabling water treatment, and empowering the energy industry.

The agreement aims towards strengthening Kemira’s core businesses with an intent to boost its profitable growth strategy. Both companies are looking forward to entering into a long-term partnership that consists of contract manufacturing agreements in both directions that will benefit both companies in the forthcoming years.

According to Petri Castrén, the President and CEO at Kemira, this agreement with Sterling Specialty will enable the company to state a clear picture of its ideology on sustainability and strategic priorities. The company wants to expand its reach in the water industry and create a top-notch portfolio in the renewable energy market as well as the digital service Industry. He also mentioned that the company is glad to find a committed partner who can ensure better growth for its oil and gas businesses and anticipates that this partnership will support the transitions of their customers.

Around 250 employees are expected to work under Sterling Specialty as per the agreement, which covers Kemira’s manufacturing facilities in Mobile, Aberdeen, and Columbus in the US. The deal also covers the Teesport manufacturing facility that is located in the United Kingdom, that is subjected to some site-specific closing conditions being fulfilled. Additionally, the agreement also covers the Novel Liquid Polymer (NLP) manufacturing unit based in Botlek, the Netherlands. However, as per the long-term agreement, Kemira will continue to operate the manufacturing unit and will retain the employees as well.

Vishal Goenka, the Director at Artek Group, has mentioned that the acquisition of a high-quality oil and gas business from Kemira is an initiative towards the company’s global ambition of turning it into a leading specialty chemicals company. He also states that the company is excited about this new beginning and is looking forward to exploring future opportunities together with Kemira under a long-term partnership.

According to Procurement Resource, Kemira, a chemical major based in Finland, has sold its high-quality oil and gas business to Sterling Specialty Chemicals LLC, which is a US subsidiary of Artek Group of India. The agreement is expected to be profitable for both firms, enabling them to empower their global reach and provide new growth opportunities.