Solvay finalizes agreement to sell Industrial Foils business to Renolit

29-Jul-2005

SOLVAY SA announces today that it has signed a final agreement aiming at the sale of its entire Industrial Foils business, active in the production, marketing and sales of plastic foils and sheets to RENOLIT AG. As social procedures were recently carried out, the completion of the agreement with Renolit is expected by the end of 2005, pending approval from competition authorities. The agreed price for the transaction is EUR 330 million, as previously announced. This proposed transaction does not include Solvay's rigid plastic foils activities, whose sale to Ineos was completed on 8 July 2005.

"The due diligence confirmed the excellent fit between the activities concerned," commented Jacques van Rijckevorsel, General Manager of Solvay's Plastics Sector and Member of the Executive Committee of Solvay. "This also foreshadows a constructive working atmosphere and promise exciting developments for both the activities and the related personnel," he added.

The Industrial Foils of Solvay are mainly present in Europe with 9 plants located in 8 countries, but also in the United States with one plant located in Commerce (California) as well as in China and Brazil through two joint ventures. The products are intended for a variety of applications, including medical supply, swimming pools, furniture, construction, stationary, automotive, as well as different consumer goods niches. Solvay's Industrial foils generated a total turnover of about EUR 470 million in 2004 with 2 200 employees. The operation would enable the Industrial Foils to join a Group which considers plastic foils as a core development area, and for which the Solvay Industrial Foils activity represents a source for coherent diversification and reinforcement.

https://www.chemeurope.com/en/news/47954/solvay-finalizes-agreement-to-sell-industrial-foils-business-to-renolit.html