Sector News

Covestro sells U.S. sheets business

March 22, 2018
Energy & Chemical Value Chain

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

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