BIAXPLEN set up a JV with Manucor

Moscow, 27 September 2019. BIAXPLEN has acquired a 50% stake in the European BOPP film producer Manucor S.p.A.

BIAXPLEN and Manucor will share their best practices in terms of R&D, sales and marketing, production, and technical support. Joining efforts with Manucor’s sales team will result in new opportunities in the European markets for BIAXPLEN. In turn, SIBUR will engage PolyLab, its Skolkovo-based R&D centre, to develop new products. Together, the parties expect to create the leading BOPP film producer in Europe.

Marat Falyakhov, Executive Director at BIAXPLEN:

“We are happy to announce this transaction with Manucor, one of the leading European BOPP players with excellent relationships with the major end users and converters in Europe, consolidated and strengthened through the years due to the widely recognized quality of its products and its high level of service. This deal is an important milestone in our work on the international market. It will help us expand our European footprint and exchange best practices. We aim to make full use of the potential development opportunities we see in the industry while employing global expertise to deliver innovative products and high-quality service to our customers.”

Luigi Scagliotti, CEO at Manucor:

“We are proud to establish this partnership with BIAXPLEN and SIBUR that will create strong synergies in terms of sales, supplies and know-how. BIAXPLEN is the leading Russian BOPP player and one of the main players in the international BOPP market, while SIBUR is among the most important manufacturers of PP granules in Europe. This transaction will allow Manucor and BIAXPLEN to expand and complete their product portfolio, extend geographic coverage and commercial presence, given the complementary location of the production sites, and expand and share R&D capabilities.”

For Editors

SIBUR is the leader of the Russian petrochemical industry and one of the largest companies globally in this sector. It has more than 26,000 employees. The Company’s unique vertically integrated business model allows it to create highly competitive products consumed in the chemical, fast moving consumer goods (FMCG), automotive, construction, energy and other industries in 80 countries worldwide.

SIBUR helps to reduce CO2 emissions stemming from the burning of oil extraction by-products, such as associated petroleum gas (APG), by recycling them instead. In 2018, SIBUR processed 22.3 billion cubic metres of APG, thus cutting greenhouse emissions by 72 million tonnes, which is equivalent to the annual CO2 footprint of a middle-sized European country.

In 2018, SIBUR reported revenue of USD 9.1 billion and EBITDA of USD 3.2 billion. Over the past 10 years, SIBUR has implemented a number of large-scale investment projects worth more than RUB 850 billion. Each year, the Company spends no less than 70% of its EBITDA to finance the investment program, while maintaining a balanced debt burden.

BIAXPLEN is a subsidiary of SIBUR, a petrochemical company, and Russia's largest BOPP film producer. Its capacity amounts to 180 ktpa across five regions, and its products are exported to 27 countries.

Manucor is a leading European BOPP film producer, with a single production site that is located in Italy and has the capacity of 100 ktpa. Its products are exported to 35 countries.

RCCD and Pavia e Ansaldo acted as legal advisors to the transaction.

BOPP films are widely used in the food, perfume, tobacco, paper & pulp, and light industries. They are becoming increasingly popular around the world due to the growing global consumption of food and other products requiring innovative packaging. The drivers also include the low cost of the product, the strong barrier properties and the polypropylene's recyclability – all helping BOPP films supplant other packaging solutions.
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    International Media Relations, SIBUR
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