Mexichem Completes Acquisition of Vestolit
Mexichem, S.A.B. de C.V., Tlalnepantla, Mexico, has completed acquisition of Vestolit GmbH, Marl, Germany, after receiving all relevant regulatory approvals.
Vestolit was acquired from funds managed by Strategic Value Partners LLC for a total purchase price of EUR 219 million in cash and assumed liabilities. As of December 1, 2014, Vestolit will be consolidated under Mexichem’s Chlorine-Vinyl chain for accounting purposes.
Vestolit is Europe’s only manufacturer of High Impact Suspension PVC (HIS-PVC) for weather-resistant windows and is Europe's second largest producer of paste PVC for floors and wallpapers. Vestolit also produces alkyl-chlorides, a value-added intermediary used for a variety of chemical and industrial applications and is vertically integrated in a single site from salt through Specialty PVC. Total installed PVC capacity is 415,000 tons per year. With this transaction, Mexichem will be one of the leading producers 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. "Being the specialty European arm of a vertically integrated global player, and joining the strength of both companies, is a major step forward in expanding the position as the leading producer of PVC-Specialties worldwide.
Vestolit will continue to operate under its current management and will keep the worldwide recognized brand Vestolit, which is established since 1949.
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