Covestro sells its remaining PC sheet operations
The specialty chemical maker has closed the sale of its European polycarbonates sheets business to industrial group Serafin for an undisclosed amount.
January 6, 2020 by Canadian Plastics
Germany-based specialty chemical maker Covestro has successfully closed the sale of its European polycarbonates sheets business to the Serafin Group, which is also headquartered in Germany.
The newly created entity will operate under the name Exolon Group, with production sites in Belgium and Italy. Serafin will continue operations with the 250 employees at all locations and Covestro will continue to serve as key raw materials supplier for the foreseeable future, the company said in a Jan. 3 statement.
Financial details of the transaction have not been disclosed.
The sale follows transactions that were already concluded in North America and India, as well as the conversion of the Guangzhou, China, site into the production of specialty films. The result is that Covestro is now completely out of the PC sheet business.
Headquartered in Munich, Serafin is a diversified industrial group whose philosophy is based on the more than 150 years of entrepreneurial tradition of its shareholding family. Serafin invests in companies with the goal of fostering their long-term development in accordance with all stakeholders. Following the successful acquisition of Exolon Group, Serafin will generate total revenues of more than 900 million euros and employ approximately 5,000 people.