Covestro’s PCS sheets business located in Sheffield (US), which generated sales of approximately $170 million (approx.. £120m GBP) in 2017, has been sold to US-based acrylics sheets manufacturer Plaskolite.
German-based materials manufacturer Covestro says the move is part of its strategy to optimise the company’s portfolio.
The deal will be conducted as an asset deal, where the transfer of dedicated intellectual property, fixed assets and employees will join Plaskolite.
Operations will continue at the current facility, with the closing deal expected to be completed in the third quarter of 2018.
“We continuously evaluate and optimise our portfolio to secure future growth and value creation. During that process it became clear that our sheets business will not be a strategic fit to our Polycarbonates business in the long term,” said Patrick Thomas, Covestro CEO.
“We therefore decided that it can develop and grow better under a new owner and we are happy to have found a great buyer for our US outlet with Plaskolite.”
The company will soon open a separate bidding process for its outlets in Europe and shortly after details regarding its remaining outlets in the Asia-Pacific region will be announced.