Veolia’s North American business is buying the Sulfur Products division of U.S. firm Chemours for $325 million, the French water and waste company said in a statement.
The division specialises in the recovery of sulphuric acid and gases from the refining process, which are recycled into clean acid and steam used in a wide range of industrial activities.
Veolia, whose traditional European municipal water business is stagnating, is seeking growth in industrial waste recycling and focusing on waste that is toxic or hard to treat.
In February, it bought U.S. nuclear waste clean-up company Kurion for $350 million, entering the huge market for decommissioning nuclear plants.
Veolia said sulphuric acid is used to manufacture hundreds of compounds needed by almost every industry. Natural gas and oil contain sulphur compounds which must be removed before they are used as fuels or chemical feedstock.
Veolia said the takeover will bring growth opportunities in the refinery services sector, and help Veolia capture future demand for clean gasoline related products.
The new unit had 2015 revenue of $262 million and employs 250 employees at seven sites across North America.
The transaction is expected to close in the second half of 2016, subject to regulatory approval.
Chemours, which has a market capitalisation of $1.52 billion was spun off from DuPont last year.
By Geert De Clercq
The deal includes the 600kt Acetic Acid plant and all associated third party activities on the site. Eastman and INEOS have also entered into a Memorandum of Understanding to explore options for a long-term supply agreement for vinyl acetate monomer.
The Supervisory Board of Borealis has accepted the decision of Lucrèce Foufopoulos-De Ridder, EVP Polyolefins, Circular Economy Solutions and Innovation & Technology to step down from her executive position at Borealis, and the Board of Borouge Pte effective 31 December 2023 to pursue other career opportunities.
Sidel has launched a new 100% rPET bottle base, StarLiteR, aiming to help carbonated soft drink (CSD) packaging producers embrace material circularity. StarLiteR allows CDS producers to switch to rPET bottle production easily and efficiently, while significantly reducing the impact on product quality or packaging integrity.