Materials manufacturer Covestro has signed an agreement with Serafin Group for
the sale of Covestro's European polycarbonate sheets business, which comprises
manufacturing units in Belgium and Italy, central management operations and
sales support in Europe. The business generates total revenues of around EUR
130 million (2018). Polycarbonate sheets are highly break-resistant and are
mostly used in industrial protection, construction systems or signage
applications.
The decision was made as part of Covestro's ongoing portfolio optimization
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 in the long run. In
the future, the segment will continue to focus on differentiated applications.
Covestro and Serafin have agreed not to disclose financial details of the
transaction. The completion of the transaction is subject to the approval of
the relevant antitrust 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 the key raw
materials supplier for the foreseeable future.
About Covestro:
With 2018 sales of EUR 14.6 billion, Covestro is among the world's 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.
Find more information at
www.covestro.com.
About Serafin Group:
Serafin is a diversified industrial group whose philosophy is based on more
than 150 years of entrepreneurial tradition of its shareholding family. Serafin
invests into companies with the aim to foster their long-term development in
accordance with all stakeholders. The Group generates total revenues in excess
of EUR 800 million with more than 5,000 employees. Serafin is supported by an
experienced advisory board consisting of Prof. Dr. Bernd Gottschalk, Wolfgang
Ley and Prof. Dr. Heinrich von Pierer.
For further information, please visit
www.serafin-gruppe.de
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