Veolia (Paris) announced that its subsidiary Veolia North America has signed an agreement for the divestment of Veolia North America Regeneration Services, which includes its sulfuric acid and hydrofluoric acid regeneration activities for refineries, to private equity firm American Industrial Partners (AIP) for an enterprise value of $620 million. These activities represented revenues of around USD 350 million in 2023. The financial closure of the transaction is expected in the coming days.
“This disposal is in line with our policy of continuously reshaping our portfolio of assets in line with the strategic priorities of our GreenUp plan whilst maintaining a strict balance sheet discipline. The sulfuric acid regeneration business in the United States is not one of our key priorities and does not offer synergies with our core activities. Their disposal will enable us to create value and concentrate our investments on the ‘boosters’ of the GreenUp strategic plan,” said Estelle Brachlianoff, Veolia’s Chief Executive Officer.
Following AIP’s acquisition of Veolia’s Sulfuric Acid Regeneration Business, which includes its sulfuric acid and potassium hydroxide regeneration, as well as sulfur gas recovery, and sulfur-based products production businesses, the acquired company has been renamed Nexpera, with the mission to bring next-level expertise for industrial chemistry to its customer base.
A provider of mission-critical circular economy environmental services and products, Nexpera helps refineries cleanly process sulfur gas and regenerate spent sulfuric acid and potassium hydroxide which are critical to the alkylation process. In addition, the company manufactures sulfuric acid and sulfur derivatives for a broad range of industrial processes, including semiconductor production, gold and copper mining, and EV battery production.
Sulfuric acid is the world’s largest volume industrial chemical and is used in many industries, including as a catalyst in alkylate production where the Company is a U.S. industry leader supporting refinery customers to regenerate spent sulfuric acid back to original properties for reuse. Nexpera also regenerates and converts sulfuric acid, sulfur gas and elemental sulfur into merchant sulfuric acid and high-value sulfur derivatives for industrial end uses, including fertilizers, metals, personal care, water treatment, and chemical processing. Headquartered in Newark, Delaware, the company operates 13 facilities, including five onsite at refineries, and employs approximately 300 full-time employees across the U.S.
Alex Schukin, Partner at AIP, said, “Nexpera’s business units align with strong market drivers related to clean fuel production, emission reduction, and reshoring of industrial activities in the U.S. We look forward to partnering with the Nexpera team as they enable their customers to meet the world’s growing demand for clean-burning fuel components with sustainable, efficient and environmentally conscious regeneration services. As an industry leader, the Company serves a vital role in our nation’s energy infrastructure while also addressing diverse, growing, and high-value applications across the industrial economy.”
By Mary Bailey
Source: chemengonline.com
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