Covestro selling European PC sheets business to Serafin Group
The business comprises manufacturing units in Belgium and Italy, and central management operations and sales support in Europe.
German specialty chemicals company Covestro is selling its European polycarbonate sheets business to Serafin Group, which is also headquartered in Germany, for an undisclosed amount.
Covestro’s PC sheet business – which comprises manufacturing units in Belgium and Italy, and central management operations and sales support in Europe – generates total revenues of around 130 million euros, Covestro said in Sept. 16 statement. The operations, which involve 250 employees, will be maintained at all sites, and Covestro will continue to serve as the key raw materials supplier for the foreseeable future.
The sheets are mostly used in industrial protection, construction systems or signage applications.
“The decision was made as part of [our] ongoing portfolio optimization process, which includes the divestment of all polycarbonate sheets businesses,” Covestro said. “The sale of the European outlets thus concludes the previous divestments of the respective facilities in North America and India in 2018, and the conversion of [our] production in Guangzhou, China, into a specialty films site.”
The deal is expected to close in the fourth quarter of 2019.
Munich-based Serafin Group concentrates on investments in established, small and mid-sized companies in industrial business sectors. “Serafin aims to strengthen the business as a mid-sized company with high flexibility and a strong customer orientation,” Covestro said.