Nynas has halted the purchase of feedstock of Russian origin. Sales to customers in Russia and Belarus have also been stopped. According to the petrochemical company which supplies tyre industry, the Russian invasion of Ukraine and “its tragic consequences throughout the region” prompted Nynas to reconsider its supplies from Russia and also sales to the country.
Nynas has settled payments to trade creditors with claims remaining, after receiving an initial payment of 100,000 Swedish krone each following the completion of Nynas’s company reorganisation in January 2021. According to a statement published by the speciality oil refiner and supplier on 19 January 2021, those actions are “in accordance with the composition agreement between all creditors and as decided by the District Court of Södertörn”.
Nynas has appointed Johan Andersson as vice president Group Strategy & Sustainable Development in Nynas. Johan Andersson leaves the position as CEO of the National Oil Industry Association in Sweden, Drivkraft Sverige, to take on the role. As the CEO he has since 2019 launched a roadmap for climate-neutral competitiveness for the industry, restructured the industry association and repositioned it as an organisation for innovative and sustainable mobility.
After a turbulent few years, tyre industry supplier, Nynas AB has changed hands again signing a binding agreement with an investment vehicle managed by Davidson Kempner Capital Management LP for the acquisition of the entire equity stake (49.9%) in Nynas from Bitumina Industries Limited, making it the largest individual shareholder of Nynas.
Upstream suppliers to the tyre manufacturing industry Nynas, Cabot and Evonik have received some of the top ratings in the 2021 EcoVadis auditing process. Specifically, these three firms all ranked in the top 1 per cent of their peers, earning platinum status. Meanwhile, carbon black supplier Birla Carbon received the EcoVadis’ gold accreditation.
Nynas has exited company reorganisation after Swedish courts confirmed the process is now complete following a creditors meeting. The court’s decision is effective 21 December 2020. After this, Nynas will no longer be limited by reorganisation regulations.
Having exited US sanctions in May 2020, Nynas – which supplies oils to the tyre and rubber industries – has continued an eventful year by announcing significant ownership changes that put Bitumina in a commanding position amongst its shareholders.
The US Treasury Department’s Office of Foreign Asset Control (OFAC) has confirmed that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB, sanctions are lifted.
Nynas is attending Tire Technology Expo in Hannover, Germany, 25-27 February 2020 where the company is showing how tyres made with Nynas oils provide “low rolling resistance, reducing energy losses and fuel consumption, while maintaining wet grip for improved control on snow and ice.” Performance of naphthenic oil in winter tyres will also be examined in a presentation by Technical Advisor Dr. Kamyar Alavi, entitled “Get a grip: performance of naphthenic oil in winter tyres.”
Swedish company Nynas is presenting its naphthenic tyre oils at Tire Technology Expo next month, and aims to convince customers and producers that tyres made with Nynas oils “provide low rolling resistance, reducing energy losses and fuel consumption, while maintaining wet grip for improved control on snow and ice.”
Nynas AB (publ) filed for “company reorganisation” in Sweden at Södertörn’s District Court today (Monday 16 December 2019). According to a company statement, Nynas’s banks have refused to continue to extend loans to the company and therefore “Nynas cannot pay due debts forcing the company to apply for a reorganisation”.
The Research Institutes of Sweden (RISE) and Swedish oil company Nynas AB are launching a joint research project aimed at developing a process for refining the oil that is recovered from end-of-life tyres using Scandinavian Enviro Systems AB’s recycling method. Through refining, the oil can be used for more than fuel, which both increases the value of the recovered oil and reduces the environmental impact.