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).
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.