International. BASF notified Avantium of its exit from its Synvina joint venture effective 15 January 2019. Avantium said it continues to disagree with BASF's interpretation of the joint venture agreement. Both companies are still discussing the terms and conditions of an exit.
Following BASF's exit, Avantium will acquire BASF's shareholding in the joint venture and Synvina will continue its operations as a company wholly owned by Avantium. In addition, YXY technology, know-how and people will return to Avantium. This will allow Avantium to look for alternative routes to commercialize the technology.
Synvina was formed in 2016 to commercialize the YXY technology developed by Avantium. YXY technology catalytically converts plant-based sugar into FDCA and plastics, such as the new polymer polyethylenefuranoate (PEF). The parties' intention was to build the first commercial-scale plant for FDCA, the main building block for PEF, in Antwerp, Belgium.
"We remain fully confident in our YXY technology and PEF's unique properties, confirmed by high market interest and Synvina's existing partnerships. We look forward to continuing the work done within Synvina and having the freedom to pursue more options to reach the full potential of PEF," said Tom van Aken, CEO of Avantium.
