Covestro Sells US-American Sheets Outlet
Optimization of Asset Base
As part of its strategy to optimize its portfolio, Covestro AG, Leverkusen, Germany, intends to sell its global Polycarbonates (PCS) sheets business. As a first step, Covestro’s PCS sheets business located in Sheffield (US), which generated sales of about USD 170 million in 2017, has been sold to US-based acrylics sheets manufacturer Plaskolite LLC.
The deal will be conducted as an asset deal, which means that as well as the transfer of dedicated intellectual property and fixed assets, employees will join Plaskolite. Operations will continue at the current facility. The companies agreed on a purchase price in the high-double-digit million US Dollar range. Closing is expected to be completed in the third quarter of 2018.
“We continuously evaluate and optimize our portfolio to secure future growth and value creation. During that process it became clear that our sheets business will not be a strategic fit to our Polycarbonates business in the long term,” said Covestro CEO Patrick Thomas. “We therefore decided that it can develop and grow better under a new owner and we are happy to have found a great buyer for our US outlet with Plaskolite.”
Covestro Deutschland AG
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