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Novomer Closes Transaction to Spin-out its Converge Polyols business
- Transaction valued at up to $100 Million
- Novomer will use the funds to accelerate the commercialization of its COEthTM technology for ethanol based chemicals and polymers
Waltham, MA - November 3, 2016 -- Novomer, Inc. (Novomer) today announced the successful completion of the sale if its Converge polyols businesses to Saudi Aramco’s subsidiaries Aramco Services Company and Saudi Aramco Technologies. Included in the transaction, valued at up to US$100 Million, are Novomer’s extensive CO2 polyol patent portfolio, along with certain equipment and product inventory.
Jim Mahoney, Novomer President, said: “The entire Novomer team is truly excited by this acquisition. Soon after we commercialized the Converge polyol technology we entered into a strategic relationship with Saudi Aramco and for the past two and one-half years have worked together to expand the commercial potential of this exciting technology. This acquisition is the culmination of that significant team effort. I commend Aramco on its strategic vision and commitment to innovation.” Mahoney also added: “Novomer will use the proceeds from this acquisition to fully commercialize its COEthTM (EO/CO) process to make low cost, sustainable C-3 and C-4 products, including glacial acrylic acid, butanediol, polypropiolactone and succinic acid.”
Novomer is commercializing new processes to produce a family of low-cost, sustainable chemicals. Novomer's groundbreaking catalyst technology allows carbon monoxide and other renewable feedstocks to be cost-effectively transformed into chemical products for a wide variety of industrial markets. For more information,visit www.novomer.com.
About Saudi Aramco
Saudi Aramco is a world leader in integrated energy and chemicals. From producing approximately one in every eight barrels of the world’s crude oil supply to developing new energy technologies, its global team is dedicated to creating positive impact in all that we do. Saudi Aramco focuses on making its resources more sustainable and more useful. This promotes long-term economic growth and prosperity around the world. For more information, visit www.saudiaramco.com