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Business

Danimer to become a publicly traded firm

by Alexander H. Tullo
October 9, 2020 | APPEARED IN VOLUME 98, ISSUE 39

 

The biopolymer maker Danimer Scientific is merging with Live Oak Acquisition, a publicly traded “blank check” company formed earlier this year for the purpose of making a large deal. The transaction will value Danimer at about $890 million. The firm makes polyhydroxyalkanoates—biobased polymers that are biodegradable even in marine environments. Earlier this year, the company opened a plant in Winchester, Kentucky, that has nearly 10,000 metric tons (t) of annual capacity. The plant is already sold out, according to Danimer. Under the deal, the firm will get $200 million from Live Oak that it intends to use to add 30,000 t of capacity to its plant. Danimer is also planning to build a 50,000 t plant by 2023.

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