German carbon fiber maker SGL said Thursday it had completed the acquisition of an 86% stake in Portugal's Fisipe-Fibras Sinteticas for Eur25 million ($33 million) from main shareholder Negofor.
It has also submitted to the Portuguese securities commission a request for a mandatory public offer for the rest of the Fisipe shares it does not own, SGL said in a statement.
SGL said the acquisition is part of its strategy to expand its raw material supply and production network to include precursors.
Precursor is the carbon fiber raw material based on polyacrylonitrile fibers.
Carbon fiber is one of the major markets for acrylonitrile (ACN), prices for which have shot up in Europe due to increased feedstock cost, supply issues and increased demand, both for acrylic fiber and acrylonitrile-butadiene-styrene.
Spot ACN prices in Europe were assessed this week at $2,305/mt CIF NWE, a nine-month high. They have soared by 32%, or $555/mt, since the start of the year.
