DNMR - Danimer Scientific to acquire biodegradable material maker for $152M

Bioplastics company Danimer Scientific (DNMR) has signed an agreement to acquire Novomer, which develops biodegradable PHA-based resins and materials, for $152M.The cash transaction is expected to close in Q3 2021. Novomer's pilot plant in Rochester, New York produces polymers and chemicals including PHA and poly(3-hydroxypropionate), sourced from non-renewable or renewable feedstocks.Danimer expects the acquisition to enable production of lower-cost biodegradable products, tapping into Novomer's proprietary Novo22 catalyst and intellectual property portfolio of over 100 issued patents and more than 140 patents pending.Danimer plans to modify its greenfield construction plans for its new facility in Bainbridge, Georgia with fewer fermenters, utilizing Novomer's own fermenter base. It will also expand Novomer's production capacity.The transaction and resulting modifications Danimer's production plans will help cut planned capital expenditures on a per-pound basis while increasing overall volume of finished product.Shares up 0.32% post-market

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Danimer Scientific to acquire biodegradable material maker for $152M