LONDON, Sept. 17, 2020 /PRNewswire/ -- Bitumina Industries Ltd ("Bitumina") announced today that it has bought 50%* percent of the outstanding share capital in Nynas AB from Neste AB, which will make BITUMINA Industries Ltd the single largest shareholder in Nynas AB.
Nynas is a global leader in naphthenic specialty oils and a premier bitumen partner in Europe. It has four refineries: Harburg in Germany, NynĂ¤shamn and Gothenburg in Sweden and Eastham in the UK. Eastham is a joint venture with Shell.
Bernd Schmidt, Executive Chairman of Bitumina commented: "We take great pride to have been able to acquire the shares in Nynas from Neste and are certain that this step will pave the way for a successful future of Nynas and all of its stakeholders."
Nynas is a natural expansion of Bitumina's portfolio and will ensure the group takes a top position in European bitumen markets complementing the already strong presence in Latin America. The acquisition is in line with Bitumina's successful vertical integration of products and services offered to global clients.
The Bitumina Group is a global vertically integrated specialty Bitumen company, also involved through its fully owned Danish subsidiary DenimoTech A/S in the Production and Engineering of Bitumen process plants. Bitumina is an offspring of a German Asphalt Family and is today run by the third generation and has expanded its business successfully on a global scale, being a disruptor in the markets it operates in.
Nynas is currently in an ongoing reorganization process and BITUMINA is engaged with all major stakeholders to reach a voluntary composition agreement and has for this purpose substantial financial backing to be able to execute a timely deal.
AXIS Strategic Partners with its team of professional bankers together with law firms ReedSmith LLP in the UK and DELPHI in Sweden are advising BITUMINA on the transaction.
*number rounded to ones