Dow Europe sells Russian subsidiary to Tula business
MOSCOW. Jan 19 (Interfax) - Control of Dow Europe Holding's Russian subsidiary Finndisp LLC has been acquired by Sergei Bendenko and Tula Region company JSC Plastic, which now own respectively 51% and 49% of polymer dispersions producer, data from the Unified State Register of Legal Entities showed.
President Vladimir Putin signed an order in December allowing Dow Europe to sell 100% of Finndisp, which is based in Ramenskoye, Moscow Region.
Bendenko has also been appointed CEO of Finndisp LLC, as well as Finndisp Uzlovaya LLC, a company established last October 25 that produces polymer-based paints and varnishes.
The shareholders of JSC Plastic (Uzlovaya, Tula Region), which received a 49% stake in Finndisp and controls 75% of Finndisp Uzlovaya LLC, are Maxim Kizimov, Lev Reznikov (40% each), Alexey Vinnichenko (12.5%), and Alexey Shilov.
The press service for Plastic told Interfax that the enterprise bought from Dow Europe Holding has been idle for a year and a half, and should be relaunched in Q1 2024.
"According to preliminary estimates, no equipment replacement is required at the moment, the company will continue to operate the existing machines. Plastic is currently supplying feedstock for the launch of the plant. Our plans for the development of the company envisage not only strengthening positions in the sectors of presence, but also entering the market with new high-tech products, mainly in import-dependent segments. Production will be carried out while retaining all personnel," the company told Interfax.
The press service also noted that the best practices of Finndisp will serve as a basis for launching a new production of styrene-acrylic dispersions of basic and special grades with a capacity of 60,000 tonnes at the Finndisp Uzlovaya (Uzlovaya, Tula Region) site. The tentative launch date is Q1 2025.
Plastic's press service does not disclose the value of the Finndisp acquisition.
JSC Plastic's website said that the company is a leader in production of ABS and suspension polystyrene. The company's facilities have capacity to produce up to 60,000 tonnes of styrene, 12,100 tonnes of expandable polystyrene, 360,000 separators and 23,000 tonnes of ABS plastics per year, the website said. The ABS production line uses technology from Japan's Asahi Chemical. The company also has a production line to make auto components.
Finndisp, founded in 2003 in Ramenskoye, closed 2022 with a net profit of 123.6 million rubles compared to a loss of 223.1 million rubles a year earlier, although revenue fell by more than half to 748.1 million rubles.
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