The Supervisory Board of OMV Aktiengesellschaft has approved a reorganization of the OMV Group involving splitting and expanding the current area of Refining & Petrochemical Operations into two areas: Refining and Chemicals & Materials.
This structural change facilitates the forward integration in the chemicals sector that has been underway ever since OMV acquired a majority stake in Borealis. With this change, OMV is consistently positioned across the entirety of its expanded value chain and can bundle all relevant responsibilities for petrochemicals and chemicals in a single board division.
In addition, the OMV Supervisory Board has appointed Alfred Stern (56) as Executive Board member for Chemicals & Materials.
The changes will take effect as of April 1, 2021.
Mark Garrett, Chairman of the Supervisory Board of OMV: “The new corporate structure will significantly expedite the integration of Borealis into the OMV Group and the expansion of the chemicals business. I am delighted that we have managed to bring on board Alfred Stern to the OMV Executive Board, a manager with a wealth of international experience in the chemicals industry. Over the past years, he and his team has not only achieved an excellent positioning for Borealis’ polyolefin business but evolved the company in the direction of a circular economy.”
by OMV, Press Release
Source: omv.com
This equipment will significantly lower the site’s CO2 emissions, reduce flaring and save around 60 gigawatt hours (GWh) energy each year. Project kick-off is in February 2021, with completion planned for 2023.
The acquisition significantly strengthens and expands Grace’s existing pharma portfolio. Pharma & Consumer is the largest, fastest growing and most profitable subsegment within Grace’s Materials Technologies business.
Solvay says it has decided to organize its soda ash and derivatives business into a separate and fully controlled legal structure.
