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
ExxonMobil Corp. (Spring, Tex.) announced the startup of two new chemical production units at its Baytown, Texas, manufacturing facility. The $2 billion expansion is part of ExxonMobil’s long-term growth plans to deliver higher-value products from its U.S. Gulf Coast refining and chemical facilities.
Ineos Enterprises has announced the acquisition of Eramet Titanium & Iron (ETI) from Eramet for €230 million ($245 million). The deal was completed on Sept. 21 and takes immediate effect, following the satisfaction of regulatory approvals.
Arxada has appointed Sanjeev Rastogi as Chief Executive Officer (CEO), effective immediately. He succeeds Marc Doyle who led Arxada since its foundation and will join the company’s board of directors as a non-executive member.
