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Covestro to sell European polycarbonate sheets business to Serafin Group

September 17/2019

MOSCOW (MRC) -- Covestro has signed an agreement with Serafin Group for the sale of Covestros European polycarbonate sheets business, which comprises manufacturing units in Belgium and Italy, central management operations and sales support in Europe, as per Eppm.

The business generates total revenues of around 130m with products mostly used in industrial protection, construction systems or signage applications. The decision was made as part of Covestros ongoing portfolio optimisation process, which includes the divestment of all polycarbonate sheets businesses. 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 its production in Guangzhou, China, into a specialty films site.

After a thorough evaluation, Covestro has decided that the sheets business no longer fits in the strategy of its polycarbonates segment, which will continue to focus on differentiated applications.

Covestro and Serafin have agreed not to disclose financial details of the transaction, and completion is subject to the approval of the relevant authorities. The closing is expected for the fourth quarter of 2019.

The Munich-based Serafin Group concentrates on investments in established, small and mid-sized companies in industrial business sectors. Based on the strong market position of the polycarbonate sheets business, Serafin aims to strengthen the business as a mid-sized company with high flexibility and a strong customer orientation.

The operations, which involve 250 employees, will be maintained at all sites. Covestro will continue to serve as a key raw materials supplier for the foreseeable future.
Author:Anna Larionova
Tags:PK, PC granules, PC compounds, Covestro.
Category:General News
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