Perstorp recently announced that it was acquired by PETRONAS Chemicals Group Berhad (PCG), an integrated chemicals provider in Malaysia, which is part of PETRONAS Group.

In May, PCG signed a securities purchase agreement to acquire the entire equity interest in Perstorp, a global specialty chemicals company based in Sweden. With this acquisition, Perstorp is now PCG’s wholly owned subsidiary.

“This will accelerate the next phase of growth and further strengthen us as a leading specialty chemicals company. Perstorp and PCG form a stronger business together,” said Jan Secher, Perstorp’s president and chief executive officer.

“The acquisition is part of our stepping-out strategy, creating a new platform for our growth in the specialty chemicals industry,” said Mohd Yusri Mohamed Yusof, PCG managing director and chief executive officer. “It also goes beyond earnings potential; Perstorp is a strategic fit with similar values and talented workforce who are experts in the industry.”

Among the companies’ major development plans is the expansion of Perstorp’s global presence by strengthening its position in the Asia-Pacific markets.