Moscow -- SIBUR has bought JSC Acrylate - the only CIS-based producer of acrylic acid and its esters -- from ATEK Group.

JSC Acrylates production site is located in the eastern industrial area of Dzerzhinsk, Nizhny Novgorod Region, and is just 2km from SIBURs facility, which provides JSC Acrylate with its basic raw material - propylene.

The production capacity of JSC Acrylates plant is 25 kta of ester grade acrylic acid, 36 kta of heavy esters (butyl acrylate) and 10 kta of light esters (methyl and ethyl acrylate).

"The acquisition of JSC Acrylate will help acceleratedevelopment of the market for acrylic derivatives in Russia and the CIS. We, together with our partners, are considering the possibility of increasing the output capacity and expanding the processing of products by JSC Acrylate, said Valery Andosov, Head of the Project Office for Specialty Chemicals and Polymers at SIBUR.

The representative of the ATEK group, Alexander Grigoriev, commented:"The sale of Acrylate took place in accordance with market principles. The transaction fully corresponds with ATEKs strategy. I am sure that SIBUR will provide further impetus in terms of the development of this company."

"SIBUR is becoming a significant player in the acrylic acid sector and its derivatives," commented Sergey Merzlyakov, SIBUR Vice-President and Head of the Plastics and Organic Synthesis Directorate."The bulk of production will go towards meeting demand from consumers, localising production on the attractive Russian market."

"The new acquisition represents another significant step in implementing the companys growth strategy in separate, carefully selected segments of specialty chemicals," concluded SIBUR President Dmitry Konov.