PVC Europe Group, an independently managed investment subsidiary of Investindustrial Growth—an investment, holding, and advisory group—has signed a binding put option for the sale of the compounds business of Benvic Group (Dijon, France) to International Chemical Investors Group (ICIG; Frankfurt, Germany), subject to consultation with Benvic’s works council in France and to EU antitrust approval. Closing is expected toward the end of this year. Benvic’s medical activities in Italy are expected to be retained by Investindustrial.
The business being sold, Benvic Compounds, develops, produces, and markets “thermoplastic solutions” based on polyvinyl chloride (PVC), as well as engineering polymers and bio-polymer compounds. It has annual sales of about €500 million ($500 million) and is one of Europe’s leading PVC compounders in terms of volume as well as a leader in several specialty compounding applications in the US, Investindustrial says.
Investindustrial says that during its four-year ownership of Benvic, it has transformed the Benvic Compounds business “from a niche compounder” into “a global leader in thermoplastic solutions through a program of eight add-on acquisitions across Europe and the US.”
Benvic has completed an ESG-linked refinancing, which was one of the first of its type in the European market, according to Investindustrial.
Privately owned ICIG says that Benvic Compounds will form an additional polymers business within its portfolio. “As a global player in thermoplastic solutions and one of Europe’s leading PVC compounders, Benvic Group will become ICIG’s second polymers platform, next to chlorovinyls/Vynova,” says Achim Riemann, managing director of ICIG.
ICIG’s two other platforms are fine chemicals under the WeylChem brand and Enterprises, which comprises companies specialized in enzyme-based fermentation products, rayon filament, activated carbon, and wood protection chemicals. Subsidiaries of the Enterprises platform include Corden BioChem, ENKA, CarboTech, and Rütgers Organics.
By Ian Young
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.