European Commission approves sale of Solvay's Industrial Foils business to Renolit
Solvay SA takes note of the European Union's competition authority decision, approving the sale of Solvay's Industrial Foils business to Renolit AG. The activities concerned include the production, marketing and sales of plastic foils. Closing of the transaction is expected in the coming weeks, pending relevant social procedures. The agreed price of the transaction between Solvay and Renolit is EUR 330 million.
The approval of the European Commission was subject to conditions, namely the divestment of two Solvay production units serving the market of vinyl Flexible Technical Foils (FTF). These products are used, among other applications, for the manufacturing of stationery products, self-adhesive tapes and stickers, packaging items or cinema screens.
The production units concerned are located on the sites of Liancourt, France and Enkhuizen, The Netherlands; they employ a total of about 300 persons out of some 2,200 employees active in all the businesses concerned by the sales agreement between Solvay and Renolit.
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