MOL Group, a Hungarian energy company, has agreed to acquire Aurora, a recycled plastic compounder with production plants in Baden-Wurttemberg, Germany.
The deal is part of the long-term strategy to expand the petrochemicals portfolio, MOL added.
The transaction is subject to the relevant approvals for merger control.
Aurora is a medium-sized company that mainly produces plastics and compounds based on polypropylene recyclate. The company supplies the compounds to automotive and other sectors.
“This partnership will enable us to grow and add value to our petrochemical business as well as to increase our footprint in the automotive supplier market,” said Ferenc Horvath, MOL Group executive vice president of downstream.
As part of MOL’s 2030 strategy, the group will invest $ 4.5 billion to expand its value chain of petrochemicals over the next decade.
One of the key areas defined in MOL’s 2030 strategy is compounding and recycling. The automotive industry has been identified by both Aurora and MOL as a strategic sector with increasing demand for recycled materials.
