Sasol sells European wax business to Awax Group
The company with two production facilities in Hamburg, Germany, one in the UK and one in Austria operates under the name Hywax GmbH effective 1 March 2022. Its products are used worldwide in a wide variety of industries, for example in hot-melt adhesives, paper and packaging, paints and varnishes, cosmetics and pharmaceutical, wood-based materials, candles, road construction and many others.
The sale takes place as part of a package of measures with which Sasol repositions itself. The portfolio is being streamlined by concentrating on core assets. Excluded from the sale is the South African Fischer-Tropsch hard wax business. This also includes the part in Europe that is managed by Sasol Wax GmbH. This business will remain with Sasol.
“Pleased to have found a strategic investor”
Dr. Jens Straatmann, Managing Director of Sasol Germany GmbH, emphasises: “We are pleased to have found a strategic investor for our European wax business. The sale allows us at Sasol to take another important strategic step towards focusing on our core assets.”
Giuseppe Ambroggio, CEO of Awax, says: “Sasol Wax GmbH has the most advanced wax hydrogenation facility in the world. With this acquisition the Group will further expand its wax product portfolio and strengthen its technological leadership in the wax market.”