On February 2, 2024, Artek US, a subsidiary of the Praana Group, acquired the energy-related division of Kemira for approximately $373 million (USD $280 million), leading to a merger with Sterling Specialty Chemicals. This acquisition enhances Sterling's market position in the specialty chemicals sector, particularly in sustainable solutions for water and energy, and supports the company's strategic move to strengthen its global presence.

In 2023, the newly formed Sterling Specialty Chemicals had revenues exceeding $799 million (approximately USD $600 million). The integration of Kemira’s Energy division aimed to boost capabilities across the entire energy value chain, from exploration to refining, and support the energy transition with innovative, sustainable solutions. The company is well-positioned to support customers in the Canadian market, particularly in energy rheology modification, chemical enhanced oil recovery, and energy tailing water treatment.

“This strategic acquisition aligns perfectly with our vision of creating innovative solutions for the challenges faced by our planet,” said Vishal Goenka, Vice Chairman of Praana Group. Pedro Materan, President & CEO of Sterling Specialty Chemicals, emphasized the company’s commitment to driving positive change in the industry.

The merger is expected to provide significant value to customers through reduced water and energy consumption, enhanced oil extraction with lower CO2 emissions, and improved water treatment solutions in oil sands. Sterling Specialty Chemicals plans to leverage its leading position in energy rheology modification and chemical enhanced oil recovery to continue expanding its influence in the Canadian and global markets?