M&I Materials to sell MIDEL to Shell
M&I Materials Limited has signed an agreement with Shell U.K. Limited for the sale of its MIDEL and MIVOLT businesses.
Image for illustration purposes.
UK, Manchester: M&I Materials Limited has signed an agreement with Shell U.K. Limited for the sale of its MIDEL and MIVOLT businesses.
M&I Materials has developed both business lines over many decades into market-leading positions in the transformer fluids and immersion cooling spaces. The sale to Shell will provide the larger platform to enable growth of each business on a global scale.
MIDEL comprises a range of global leading ester transformer fluids offering environmental benefits and fire protection. Originally developed in the 1970s, MIDEL is specified in infrastructure projects around the world, in particular where sustainability is a key decision criteria. M&I Materials will continue to invest in its other businesses in its portfolio, with a range of products used by customers such as Boeing, CERN and NASA. MIVOLT is a range of dielectric esters.
M&I Materials Chairman, Colin Salt said: “Ester fluid manufacturing has been a huge part of M&I Materials for over 45 years and a source of pride for everyone involved in developing this technology which customers in many markets worldwide have come to specify and trust. We want to see the growth potential for both MIDEL and MIVOLT realised and we believe Shell is uniquely positioned to take them forward and on to their next stage of development.”
Giles Salt, CEO of M&I Materials commented: “M&I Materials is a manufacturing success story because our niche product groups have grown over many decades into the individual, thriving businesses that exist today. We have incredibly exciting opportunities ahead of us for our remaining business lines, particularly in the science, aerospace and power sectors.”
For the purposes of this acquisition, M&I Materials Limited will carve out its MIDEL and MIVOLT businesses into M&I Materials Development Limited, which Shell will acquire in full. Subject to regulatory approvals, the deal is anticipated to complete in the fourth quarter of 2023. M&I Materials Development Limited will subsequently be fully owned and operated by Shell. M&I Materials Ltd will continue to operate WOLFMET, METROSIL, APIEZON and PERFORMANCE BIOLUBRICANTS businesses.
Source: M&I Materials
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