Teknor Apex Acquires Leading PHA Producer Danimer Scientific for 19 Million USD

Teknor Apex has finalized its acquisition of Danimer Scientific, Inc., one of the largest PHA producers in the U.S., for a surprisingly low price of $19 million. This strategic move solidifies Teknor Apex’s position in the bioplastics industry, as Danimer, once considered a leader in the biopolymer market, brings advanced production capabilities and a portfolio of over 480 patents and patent applications.

Founded in 2004, Danimer initially specialized in PLA modification but expanded into PHA production through key acquisitions, including Procter & Gamble’s technology in 2007 and Novomer’s thermal catalytic process patents in 2021. With a focus on sustainability, the company utilizes canola oil as its primary raw material to produce its trademark Nodax® PHA, achieving an annual capacity of 20 million pounds at its Kentucky plant.

Danimer's facilities, located in Bainbridge, Georgia, span over 200,000 square feet and include world-class laboratories, manufacturing units, and testing centers. Its products have been used in Mars Wrigley’s Skittles packaging and Stora Enso’s paper cup coatings, and the company holds multiple certifications for biodegradability, including home composting and ocean degradation.

Despite its success in innovation, Danimer filed for bankruptcy on March 14, revealing $622.5 million in assets and $449.5 million in liabilities. On May 5, Teknor Apex was designated the winning bidder for the acquisition, agreeing to pay $19 million in cash and assume some of Danimer’s outstanding debt.

This acquisition underscores Teknor Apex’s commitment to advancing sustainable materials and leveraging Danimer’s expertise to expand its bioplastics portfolio, particularly in the rapidly growing PHA market.