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
BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.
Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.
Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.