Peter Greven has announced the acquisition of Norac Additives for an undisclosed sum, according to a report published by Plastics News.

The purchase will boost the German oleochemicals producer’s profile in the North American market.

“They are very complementary businesses,” james Murphy, Norac Sales and Marketing Manager told Plastics News.

Norac has been renamed Norac Additives LLC. Its management and employees will remain in situ, working from the company’s existing HQ in California. Norac also boasts a production plant in Arkansas.

“With this very important acquisition, we feel that our international position within the metallic soaps and plastic additives sector is further improved,” said Peter Greven’s eponymous Managing Director in a press release. “The US market is very interesting for us and we see there is still substantial growth potential for our group.”