Vienna will become the center of the fourth largest plastics company in the world!

Vienna will become the center of the fourth largest plastics company in the world!

A milestone in the plastics industry: OMV boss Alfred Stern has announced that the Borealis subsidiary and the Borouge company are merging to form the Borouge Group International. This joint venture will become the fourth largest plastics company in the world and will be based in Vienna. “Krone” reports that this step is seen as a ray of hope in the midst of a third year of recession for Austria and at the same time strengthens OMV’s position. With this merger, Borouge Group International will be listed on the Abu Dhabi Stock Exchange, with a secondary listing on the Vienna Stock Exchange planned.

Complex mergers are coming up, like K newspaper revealed: The new partners, OMV and Adnoc, are pooling their shares with Nova Chemicals. Adnoc will initially acquire 100% of Nova Chemicals' shares for $13.4 billion. Following this step, the merger will be expanded, allowing Borouge Group International to expand its presence in North America. The new entity's estimated annual capacity is 12.2 million tonnes of polyolefins and 11.4 million tonnes of olefins. In addition, 11,000 employees were recruited worldwide.

Forward-looking plans and financial dimensions

Borouge Group International is expected to have an enterprise value of approximately $60 billion, with an annual profit distribution of at least $2.2 billion. Innovative projects such as Borouge 4, which aims to expand ethylene and polyethylene production in the United Arab Emirates, are also in focus. CEO Alfred Stern emphasizes that this merger is crucial to OMV's growth strategy as it aims to pave the way to becoming a leading sustainable chemicals and energy company.