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
It is indeed a pivotal milestone for OMV and the chemicals industry at large. Together with ADNOC, we are combining Borealis and Borouge to create Borouge Group International. The new entity will acquire Nova Chemicals, further expanding its footprint in North America. The combination is built on highly complementary strengths of these three world-class companies.
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The refinery has been modified to enable Neste to produce up to 500,000 metric tons per year (m.t./yr) of SAF. As a result, Neste’s global SAF production capability has increased to 1.5 million m.t./yr (around 1.875 billion liters). Last year, Neste bolstered its SAF supply capabilities in North America through a partnership with ONEOK to expand terminal capacity in Houston.
