Lummus Technology, the global provider of process technologies and value-driven energy solutions, and Neste announced the companies have signed an agreement in which Lummus Technology will acquire the intellectual property and certain assets of NAPCON, Neste’s proprietary digital technology solutions provider. The agreement also includes the transfer of key NAPCON personnel to ensure continuity and leverage critical expertise. In addition, Lummus and Neste have entered into a Strategic Collaboration Agreement to provide continuous NAPCON services to Neste and its subsidies.
NAPCON leverages AI, advanced process controls, automation and simulation software that enhances efficiency, safety and sustainability in refining, petrochemical and other industrial operations. NAPCON’s products have been continuously developed to meet the high demands in process safety, profitability and competitiveness of production assets.
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“I am grateful for the long-term partnership with Neste, renowned for their industry vision. The acquisition of NAPCON’s digital solutions and continuing our partnership with Neste are transformative steps for Lummus,” said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. “This aligns with our strategic vision of combining cutting-edge AI-driven solutions with process technology to enhance the performance of our customers’ operations.”
“I am thrilled by this announcement. Lummus has the capability to keep NAPCON technology competitive as well as secure maintenance and development of the existing installations for Neste and NAPCON client base,” said Markku Korvenranta, Executive Vice President and Chief Operating Officer of Neste. “Lummus is a global technology licensor in hydrocarbon processing and is in the position of creating value with NAPCON by offering NAPCON solutions to its global customer pool. We believe Lummus is the right partner to scale-up NAPCON technology and ensure its competitiveness in the long term.”
SOURCE: PRNewswire