ICIG acquires Tessenderlo's Italian electrolysis and chloro-aromatics activities
Tessenderlo Group has divested Tessenderlo Partecipazioni, including its subsidiary Tessenderlo Italia, to private industrial holding company International Chemical Investors Group (ICIG).
Tessenderlo Italia is a supplier of aromatic chlorine products and specialty dichlorotoluenes, which are used in the agricultural and pharmaceutical sectors.
This divestment consists of one manufacturing facility in Pieve Vergonte, Italy, with an electrolysis and chloro-aromatics plant and two hydro-electric power stations.
The sale forms part of Tessenderlo Group's strategy to focus on specialty products and services in the areas of food, agriculture, water management and valorising bio-residuals.
ICIG managing director Achim Riemann said: "The upstream integration of Tessenderlo Italia, with direct energy supply via its own hydro-electric power stations, is fundamental for the competiveness of the factory in Pieve Vergonte and therefore we want to maintain this integration and have both hydro concessions renewed for the long term."
The acquisition will offer ICIG Group industrial complementarity and synergies, improving the industrial competitiveness of the Pieve Vergonte plant. The transaction has been approved by all relevant authorities.
ICIG Group, which owns four other production sites in Italy, has been a significant customer for Tessenderlo Italia's organic products for several years.