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.
