DHAHRAN, Saudi Arabia - Saudi Aramco, Dhahran, Saudi Arabia, has acquired the Converge® product line and associated operations and technologies from U.S.-based Novomer Inc. The transaction was valued at up to $100 million.
Converge is manufactured from and contains a significant portion of carbon dioxide (CO2). The technology provides a high-performance, cost-competitive and more sustainable alternative to conventional petroleum-based polyols that are used in coatings, adhesives, sealants and elastomers (CASE) applications.
Amin H. Nasser, Saudi Aramco President and CEO, said, “Some of Saudi Aramco’s most significant achievements in recent years have been in developing new international partnerships in the downstream space. There is compelling industrial logic to the Converge polyol technology deal, as it enables the conversion of waste CO2 into cleaner, high-value end-products with significant performance, cost and carbon footprint improvements. The deal also enables the development of new technological growth areas in line with Saudi Vision 2030 objectives of economic diversification and job creation.”
Saudi Aramco will manufacture and market Converge and associated products through its subsidiary, Aramco Performance Materials LLC (APM). Saudi Aramco is planning for full-scale production facilities in Saudi Arabia to support the manufacture of specialty and intermediate chemical products to supply a wide variety of industries.