Covestro has successfully closed the sale of its European polycarbonates sheets business to the Munich-based Serafin Group effective January 2, 2020.
This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy.
According to Covestro the segment generated total sales of €130 million (£110.7 million) in 2018.
Serafin will continue operations with the 250 employees at all locations and Covestro will continue to serve as key raw materials supplier in the foreseeable future.
The divestment follows transactions that were already concluded in North America and India, as well as the conversion of the Guangzhou (China) site into production of speciality films.
The former polycarbonate sheets business of Covestro will operate under the new company name Exolon Group.
With its own dedicated strategy based on the needs of its customers, the company will be able to fully exploit its growth potential in the future.
As an independent company, Exolon Group will continue to focus on the production and distribution of high-quality solid and multiwall sheets, which are used in a variety of industries and applications, such as in the construction- and lightning industries as well as in the fields of mechanical engineering and mobility.
Covestro and Serafin have agreed not to disclose the financial details of the transaction