Artek US, a leading player in the global specialty chemicals industry and a subsidiary of the Praana Group, has successfully acquired the energy-related division from Kemira, for approximately USD $280 million to form merger with Sterling Specialty Chemicals.
The company had revenue in 2023 in excess of $600 million. This acquisition marks a pivotal moment for the group as it positions itself for growth and global expansion in response to the increasing demand for water, energy, and sustainable solutions worldwide, according to the statement.
“This strategic acquisition aligns perfectly with our vision of creating innovative solutions for the challenges faced by our planet. Our combined strength at Sterling Specialty Chemicals will not only enhance our market position but will also contribute to the global efforts for a more sustainable and efficient future. Sterling Specialty Chemicals envisions significant financial growth from this transaction as well,” Praana Group Board, Vice Chairman, Vishal Goenka said of the acquisition.
The acquired Energy division will be seamlessly integrated with Sterling Specialty Chemicals. This strategic alliance aims to create a dynamic, robust global specialty chemicals business, capitalizing on the growing necessity for secure, affordable, and sustainable energy solutions. “The merger is not only a strategic move for business expansion but also underscores Sterling Specialty Chemicals commitment to driving positive change in the industry,” said Pedro Materan, President & CEO of Sterling Specialty Chemicals.
Sterling Specialty Chemicals will be able to bring value to their customers throughout the entire Energy value chain – from exploration to refining. Reducing water and energy consumption while transporting fluids in oilfields, extracting more oil with reduced CO2 emissions with polymer flooding, and providing clean water and restoration of tailing ponds in oil sands and we will be strongly positioned to support customers in the energy transition, according to the statement.
“This strategic move positions us as a major player in the global specialty chemicals landscape. Our combined expertise, resources and commitment to innovation will enable us to provide cutting-edge solutions to address the world’s pressing needs for water, energy and sustainability,” added Materan.
