The move comes as both companies look to combine their strengths in different regional markets, as well as combine machinery portfolios and technical knowledge.

“Net zero cannot realistically be achieved without efficient carbon capture and storage technology. We are proud to work with innovators like HHI Group. ABS is committed to delivering industry-leading support for transformational technologies such as these which have such a critical role to play in creating a more sustainable industry,” said Christopher J. Wiernicki, ABS Chairman, President and CEO.

"This new partnership will elevate us to the status as one of the top ten suppliers worldwide for the supply of plastic injection moulding machines,” he added.

“We are, and will continue to, be Negri Bossi with our machines and our people as that is what our customers want,” Ward said in a statement. “The only difference now is that we have a strong industrial partner behind us who understands our market and whom can support us in order to better service our customer’s needs.”

(SEOUL) A large scale, carbon dioxide (CO2) injection system from Hyundai Heavy Industries Group (HHI Group) has been awarded approval in principle by ABS, allowing development of an offshore floating geological storage platform.

Negri Bossi, which has a particularly strong presence in Europe as well as the USA, Mexico and India, offers a range of high-performance injection moulding machines, amongst which are ultra-large injection moulding machines and moulding systems.

“Consolidated sales of the Nissei group will hit approximately 50 billion Japanese yen (€420 million). In addition to the integration of production, sales and service, we will be able to achieve further growth through global marketing with robot companies.”

The transaction is expected to close in January 2020 and will see Negri Bossi’s parent company, Kingsbury Corp, retain a minority stake in the company.

The one-million-ton injection system will allow for offshore CO2 storage in geological formations under the ocean floor and more than doubles the previous injection capacity, supporting development of the carbon value chain and global decarbonization goals.

By acquiring a stake in Negri Bossi, Nissei will be able to expand and strengthen its business footprint in the injection moulding machinery.

“In terms of product they have a history of direct lock machines whilst we have always been known for our toggle machines. We are able to offer high tonnage machines were as they currently only go to 1300 ton whilst they are able to offer to market vertical machines.

“Hyundai Heavy Industries Group and ABS are focused on the potential to grow the offshore CCS business to support future shipbuilding and the marine industry. We will continue to cooperate for the development of pro-environmental core technologies in the marine field,” said Sungjoon Kim, Senior Executive Vice President & CTO of Korea Shipbuilding & Offshore Engineering.

Nissei Plastic Industrial, which is engaged in the manufacture and sale of injection moulding machines, peripherical equipment, parts and dies, currently operates in three segments: Japan (active in purchase, manufacturing and sale of injection moulding machines and peripherical equipment), USA (engaged in the sale of products) and Asia (with China and Thailand affiliates focused on manufacturing and sales).

Nissei will also utilise the R&D and sales capabilities of Negri Bossi to expand its strengths in small and medium electric injection moulding machines.

More information about ABS’ pioneering work to support carbon capture and storage (CCS) systems and decarbonization efforts is available here.

The injection system will be installed and operated on a floating offshore platform, receiving CO2 from visiting gas carriers. The system will be equipped with a powerless CO2 heating circuit where the heating medium is circulated in a closed loop using seawater and without an external power source. This is designed to improve efficiency and allow the capture of the emitted gas to be stored underground on-site.

Negri Bossi has sold a majority share of its business to Japanese injection moulding machinery manufacturer, Nissei Plastic Industrial Co., Ltd, for an undisclosed sum.

Ward added: “The strategic choice to purchase Negri Bossi was based on very strong potential synergies such as our strong geographical footprint in Europe and East coast of America compared to theirs of the Far east, Asia and west coast of America.

Mr Yoda, President and Representative Director of Nissei commented: “Negri Bossi is a well-established injection moulding machine manufacturer in Italy with more than 70 years of history, and this acquisition will enable respective business enhancement based on a reciprocally complementing relationship by geographical and product type perspective.