Nynas sharpening competitive edge, targets European market

STOCKHOLM, Sweden—Following a year of reorganization and changes in ownership structure, Swedish refiner Nynas A.B. is targeting the European market as part of a strategic move to strengthen its competitiveness in core markets.

"Nynas will create a business footprint focusing on customers in the naphthenics and bitumen market in Europe, and significantly improve efficiency to deliver a competitive customer experience," the company said in a May 23 news release.

Furthermore, Nynas said it would focus on four strategic sustainability areas: product development, environment and climate change, health and safety, and people and society.

Nynas said it is constantly monitoring the changing dynamics and the outlook of the naphthenics and bitumen businesses.

"Now is the time to start a strategic transformation of the company to ensure a sustainable and profitable future and becoming the essential European provider of infrastructure and clean energy solutions," it added.

The new Nynas will be "more customer-centric, adapting and tailoring production capacity to the markets we serve," said Chairman Stein-Ivar Bye.

As part of the restructuring, Nynas said it will focus on "profitable markets and selected product segments." The company did not give further details.

Direct sales activities will be concentrated on core markets in Europe and selected other markets and segments.

In the Americas and in Asia-Pacific regions, Nynas will target its direct sales presence focusing on "selected markets and product segments."

In the Asia-Pacific the company will centralize activities at its base in Singapore, while an "efficient streamlines" operation based in Argentina will serve the Americas region.

In the Nordics, the Baltics and the United Kingdom, Nynas said it would create "a more efficient operation based on high-performing products and an optimized supply network."