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Ferrostaal GmbH, a global project developer for industrial plants, and Haldor Topsoe A/S, a leader in catalysis and related process technologies, recently announced the establishment of a new joint venture, Ferrostaal Topsoe Projects GmbH. It is likely to be based in Essen, and will be owned with equal shares by the two companies. The joint venture is subject to approval from the regulatory authorities.
The new company is expected to position itself as a leader in developing, financing and realizing major industrial projects in the petrochemical, refining and environmental sectors. Fast growing emerging economies around the world will be the primary market focus, but North America is also expected to hold business potential for the new company.
Haldor Topsoe and Ferrostaal have already been working successfully together for some time – most recently on two major ammonia-related projects in Tanzania and Cameroon. In Tanzania, the companies are involved in the development of a large-scale ammonia complex together with the state-owned Tanzania Petroleum Development Corporation.
Agriculture sector to benefit
This project is currently the largest investment project in the country with an investment volume of more than one billion US dollar. Agriculture in Tanzania will in particular stand to benefit from the project since ammonia is the main component in fertilizer. The sector makes up approximately one third of Tanzania’s gross domestic product, with more than 75% of the population working in the agricultural sector.
Dr. Klaus Lesker, Managing Director of Ferrostaal GmbH said combining the technology portfolio of Haldor Topsoe with Ferrostaal GmbH’s ability to drive project development and facilitate investments translates into a highly attractive value proposition for customers. “In emerging economies, our projects will leave a very positive footprint by enabling entire countries to utilize natural resources – natural gas or coal for example – to produce fertilizer or other valuable commodities, and in the process stimulate job creation and boost sustainable economic growth.”
Haldor Topsoe’s CEO, Bjerne S. Clausen said the new joint venture offers a high potential for growth and new business opportunities. “Building partnerships to ‘fast track’ our way into new business areas or expand our current market-reach is a key part of our growth strategy. In this context, the new joint venture is a huge step forward due to the positive synergies it carries. We also expect the joint venture to create opportunities within operations and maintenance of plants, a key business area that we are currently also looking to expand.”