Chemical supplier Solvay SA is selling its polyolefin cross-linkable compounds business in Italy to family-owned group Finproject SpA for an undisclosed price.
“Polyolefin cross-linkable compounds no longer fit within [Solvay’s] portfolio of high-performance specialty polymers,” Augusto Di Donfrancesco, president of Solvay’s specialty polymers global business unit, said in a statement. “Solvay has consistently grown the value of this business and its divestment contributes to the upgrade of Solvay’s specialties portfolio.”
Based in Roccabianca, Italy, Solvay’s business compounds unit generated sales of 82 million euros in 2016.
Finproject is a manufacturer of injection molded foam, polyolefin-based compounds, and PVC compounds. The firm has production sites worldwide, including a facility in Quebec.
The transaction is expected to close in the second quarter of 2017.
Headquartered in Brussels, Solvay employs 27,000 worldwide and posted sales of 10.9 billion euros in 2016.
