Original announcement posted on August 5, 2013 --
Neville Chemical Company, through its joint venture company Neville Venture, has signed a strategic partnership agreement for the production of hydrocarbon resins at the Versalis Priolo plant in Sicily. The parties have also entered into a license agreement related to the feedstocks which will be supplied to the resin facility. These new, high added-value productions are synergistic and complementary to Versalis’ elastomers business. These materials are key components used in the formulation and production of quality adhesives, rubber, coatings and inks.
Neville Venture is a joint venture between Neville Chemical Company, one of the world’s major producers of hydrocarbon resins and GTC Technology, a leading company in licensing processing technologies to the petrochemical industry.
Versalis, a wholly-owned subsidiary of ENI, is a leading company in the production of petrochemical products and is one of the world’s major producers of elastomers.
The partnership agreement represents an important step in the Neville Venture strategic plan to secure long-term and integrated supplies of raw materials making it possible to build hydrocarbon resin plants based upon new technologies with competitive advantages. The presence of a promising market for these products at the European level where Versalis has a widespread and consolidated commercial presence represents another qualifying factor that makes this project extremely important.
The expanded and complementary product portfolio will enable Neville Venture to better serve the needs of our customers, provide for a reliable source of quality hydrocarbon resins in addition to providing exciting new opportunities for sustained and profitable growth.
“This partnership builds on the strengths of well recognized leaders in their respective fields and areas of expertise”, said Thomas F. McKnight, President and CEO of Neville Chemical Company. “This partnership between Neville Venture and Versalis (ENI) will bring an unparalleled synergy to the hydrocarbon resin market”.