Austrian plastic maker Borealis is seeking buyers for its nitrogen business as it seeks to streamline operations, Reuters reported, citing sources close to the matter. According to the report, Borealis could raise €500 million-600 million ($591 million $709 million) from the sale. Borealis’ Nitro business includes melamine, fertilizer, and technical nitrogen operations. Eurochem, OCI, Acron, Fertiberia, and Agrofert might be attracted to the deal, the sources said.
Borealis’ fertilizer business reported a drop in sales and profits in 2020 because of higher gas prices, lower product prices, and operational issues at some facilities. However, analysts expect the business performance to increase this year due to higher fertilizer demand and prices. Borealis completed a turnaround programme in its fertilizer business in February to make it financially robust. In September last year, the company’s CEO said market conditions would be supportive of the planned Nitro business sale.
