Mexichem Acquires Vestolit
On August 5th, 2014, Mexichem S.A.B. de C.V., Tlalnepantla, Mexico, has signed a definitive agreement to acquire Vestolit GmbH, Marl, Germany), from Strategic Value Partners LLC, Greenwich, CT, USA, acting on behalf of its managed funds and accounts for a total of EUR 219 million in cash and assumed liabilities,
The acquisition of Vestolit - Europe’s 6th largest PVC manufacturer - is supporting Mexichem’s strategy of becoming a global, vertically integrated chemical company with a focus on high-end, specialized PVC products over the whole value chain. With this merger Mexichem and Vestolit will be the leading producer of PVC specialties worldwide.
"The wide product portfolio and the global market coverage of our new parent company in combination with our strong position in Europe will lead to further growth for the company’s business", said Dr. Michael Träger, CEO of Vestolit. "Joining forces with the strategic partner Mexichem is a major step forward in expanding the position as the leading producer of PVC specialties worldwide. This transaction is a clear sign in strengthening our production site in Marl." The existing management team will continue to run the company and will keep the brand Vestolit, which is established since 1949.
The acquisition is subject to regulatory approvals and is expected to close in the fourth quarter of 2014. At that point, Mexichem will consolidate Vestolit under the Company’s Chlorine Vinyl chain for accounting purposes.
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