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Covestro closed sale of European Systems Houses business to H.I.G. Capital

November 06/2019

MOSCOW (MRC) -- Covestro closed the sale of its European Systems Houses business to private equity firm HIG Capital on 1 November, said producer.

Covestro successfully closed the sale of its European Systems Houses business to H.I.G. Capital effective as of November 1, 2019. The sales proceeds amount to a high-double-digit euro million sum. The business comprises facilities in the Netherlands, Denmark, Spain, Germany and further businesses in Italy. Approximately 250 employees are generating annual sales of some EUR 230 million. The sale of the systems houses is part of Covestros ongoing efforts to optimize its portfolio.

The systems houses are offering tailor-made polyurethanes systems for customers. With its new owner H.I.G. Capital, the European Systems Houses now have the perspective to position themselves as an independent, focused player for mid-sized customers. The newly formed business will trade under the name Plixxent.

As per MRC's ScanPlast, Overall imports of Covestro"s PC granules to the Ukrainian market grew in the first three quarters of 2019 by 52% year on year.  Thus, this figure increased from 1,400 tonnes in January-September 2018 to 2,100 tonnes. Covestro's material accounted for 69% of the total PC imports to the country in the first nine months of 2019 versus 54% a year earlier. Company"s shipments of material to Ukraine were 231 tonnes last months, compared to 139 tonnes in September 2018.

With 2018 sales of EUR 14.6 billion, Covestro is among the worlds largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,800 people (calculated as full-time equivalents) at the end of 2018.
Author:Anna Larionova
Tags:PK, PC granules, PC compounds, Covestro.
Category:General News
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