Saudi Aramco acquires Converge product line in $100 million deal

Saudi Aramco has announced a $100 million acquisition of the Converge product line from Novomer Inc., a U.S.-based company.

The Converge line consists of polypropylene carbonate (PPC) polyols, which offers one-third the carbon footprint of conventional polyols, and is used for sealant, elastomer (case), coating, adhesive, and rigid and flexible foam applications in a variety of commercial goods like automobile seats and building insulation sheets.
  
The acquisition will help the kingdom achieve its Vision 2030 goals, according to Saudi Aramco President and CEO Amin Nasser, by taking advantage of the technology available to transform waste CO2 into “cleaner, high-value end-products with significant performance, cost and carbon footprint improvements” while working toward creating innovative technologies in different sectors and providing more jobs for the region.