DANISH engineering firm Haldor Topsøe is selling a 30% stake in its business to Singapore state investor Temasek Holdings in a bid for growth in Asia and other emerging markets.
Haldor Topsøe, which designs and manufactures catalysts and licenses process technologies for the chemicals and refining industries, has not disclosed the value of the deal; though a source quoted by Reuters says it values the company at around US$1.5bn.
“As a commercial investor, Temasek’s capital will further enhance our considerable growth potential organically and through potential acquisitions. In addition, Temasek is an experienced investor with significant insights and networks in Asian growth markets, including China,” said Jakob Haldor Topsøe, who chairs the holding company that currently owns all the shares in the Danish firm.
The family-owned business announced in June last year that it was looking for a minority investor to accelerate its growth, with the option of listing the company. It said in a financial update last year that while the market for refineries and chemicals plants has been in decline, the downward trend has been reversed and it expects an increase in technology orders in the coming years. This came as the company reported its revenues from catalyst sales had climbed 16% in the first half of 2018 compared to 2017, though revenue from technology sales were down 27%.
The company has said it intends to expand into new areas that build on its existing competencies, including providing technologies that help to secure sustainable energy supplies, boost energy efficiency and improve food supplies.
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