Hitachi Chemical Co., Ltd. announces the conclusion of a contract to acquire a 100 percent stake in ISOLITE GmbH, a manufacturer/distributor of thermal insulations for automobiles, aircraft and other industrial applications, from Equita GmbH & Co. Holding KGaA, a private equity fund and other shareholders.
In the 2018 Medium-Term Management Plan ending in fiscal 2018, the basic policy of Hitachi Chemical’s automotive products business is to strengthen its foundation as a top global supplier by expanding the company’s overseas development, manufacturing and sales bases. On the other hand, ISOLITE is advancing its thermal insulation business for automobiles, aircraft and other industrial applications with its development, manufacturing and sales operations based in Germany, where its “direct insulations” developed by its own material technology have been adopted by major automakers as pipe insulations connected to turbochargers recently introduced to automobiles for greater fuel efficiency, especially in Europe. With turbocharged vehicles likely to spread more widely to other countries, such as the United States and Japan, ISOLITE’s thermal insulation business is expected to grow further in the global market.
This share acquisition will allow Hitachi Chemical to expand the sales of ISOLITE’s thermal insulations to Japanese automakers through its existing domestic sales network, while taking advantage of ISOLITE’s sales network and manufacturing bases in Europe to accelerate the promotion of Hitachi Chemical’s automotive products in the European market. In addition, ISOLITE and Hitachi Chemical will explore the synergistic effects of insulation technology to speed up the development of thermal insulations that meet market needs, such as low fuel consumption and environmentally-friendly components expected to see further growth in the future, thereby providing solutions for thermal management of automobile engines and exhaust system parts.
Source: Hitachi Chemical
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
