Covestro AG has sold its U.S. polycarbonates sheets business to Ohio-based Plaskolite for a price in the “high double-digit million” dollars range, the German company said Thursday.
Covestro said it will be an asset deal that is expected to complete in the third quarter of 2018. All employees working for the sold business will join acrylic-sheets manufacturer Plaskolite, it said.
The company–which was formed by the spin off of Bayer AG’s (BAYN.XE) specialty plastics division–said operations will continue at the current facility in Sheffield, Massachusetts.
Covestro said its sheets business in the U.S. generated sales of about 170 million dollars in 2017.
By Marc Navarro
Source: MarketWatch
Private equity investor Cinven is acquiring MBCC Group’s admixture business from Swiss construction chemicals major Sika on the rebound. Earlier, the British Competition and Markets Authority (CMA) had turned thumbs down on plans to sell the business to Ineos, citing antitrust concerns.
Air Liquide S.A. (Paris) announced the construction of an industrial scale ammonia (NH3) cracking pilot plant in the port of Antwerp, Belgium. When transformed into ammonia, hydrogen can be easily transported over long distances.
Huhtamaki receives a gold medal from EcoVadis on its sustainability performance – for the third year running. Its score places Huhtamaki in the top 4% of over 100,000 rated companies across the globe. EcoVadis is the world’s largest and most trusted business sustainability index.