Listed speciality chemicals company Synthomer has hailed another consecutive year of record results with turnover exceeding £1bn. The Essex-based business has also struck a deal for a €78m (£67m) acquisition.
The group has completed the purchase of Perstorp Belgium from The Perstorp Group, a speciality chemicals innovator and supplier based in Sweden.
Perstorp Belgium is a niche performance additives business serving the decorative and industrial coatings industries, and serves a “highly attractive, blue-chip customer base”. The company operates from a single site in Ghent, Belgium, where there is potential for growth capacity for future demand.
Synthomer said it would focus on expanding Perstorp Belgium’s market position by developing closer relationships with customers through leveraging its existing sales and technical services infrastructure, and driving operational performance.
For the year to 31 December 2016, Synthomer generated revenue of about £1.05bn, up from £870.1m a year earlier.
Pre-tax profits soared to £122.2m from £95.3m.
“2016 has been another strong year for Synthomer reflecting our strategy to grow the core business and invest in our platform for future growth,” said chairman Neil Johnson.
“Both the Europe & North America and Asia & Rest of World segments delivered organic growth and our first bolt-on acquisition, PAC, made a strong contribution in the second half of the year. We also benefitted from favourable currency translation as a result of the weakening in Sterling.”
Looking ahead, Johnson said he expects to continue to see resilient trading in Europe, although the raw material and macroeconomic environments remain volatile.
Source: Insider Media
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?