Versalis, Novamont renew sustainability commitment with strengthened biochemicals partnership

MILAN—Italian chemicals companies Versalis S.p.A. and Novamont S.p.A. have renewed their commitment to sustainability targets with an agreement to extend their partnership in biotechnology.

The two companies announced plans on March 29 to enhance the technology and product assets of Matrica—a bioproducts joint venture created in 2011 in Porto Torres, Sardinia.

As part of the agreement, the partners will aim to "fully develop" Matrica's products within their integrated supply chains.

According to its website, Matrica manufactures chemical products from renewable sources such as vegetable oil.

The product portfolio includes intermediates as well as the PF801 bioextensor oil, which has been specifically designed for the rubber industry—particularly for tires.

The oil, according to Matrica, can be used as a total or partial replacement for extender oils of fossil origin.

In addition to the agreement on Matrica, Versalis announced that it was increasing its stake in the Italian biochemicals company from 25 percent to 35 percent.

At the end of the reorganization, the timeline for which was not provided, Novamont will be 65 percent owned by Mater-Bi and 35 percent by Versalis.

"The development of chemistry from renewables, of which the Matrica JV represents an important example, is one of the pillars of Versalis' strategy," said CEO Adriano Alfani.

"This agreement with Novamont is founded in the belief that Italy can play a key role at an international level in the field of chemistry from renewables and the circular bioeconomy," he added.