Solvay Completes European PVC Compound Business Sale
Solvay S.A., Brussels, Belgium, has completed the divestment of its polyvinyl chloride (PVC) compound business Benvic Europe to U.S. investment company OpenGate Capital, enhancing the resilience of the Group's portfolio. Completion comes after competition authorities cleared the divestment agreement, which Solvay and OpenGate Capital had announced in April.
Benvic Europe mixes PVC and additives, pigments and stabilizers to make innovative plastic compounds used in markets including construction, cars and packaging. Revenues last year reached about EUR 160 million. Its three PVC compounding production sites are in France, Italy and Spain. The divestment will not affect Benvic's current headcount of 220.
Headquartered in Los Angeles, OpenGate Capital is a global private investment firm specializing in the acquisition and operation of businesses throughout North America, Europe and Latin America. The firm's portfolio includes businesses operating in a variety of industries and generates revenues of nearly USD 3 billion.
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