Covestro has signed an agreement with Serafin Group for the sale of Covestro’s European polycarbonate sheets business, which comprises manufacturing units in Belgium and Italy, central management operations and sales support in Europe.
The decision was made as part of Covestro’s ongoing portfolio optimisation process, which includes the divestment of all polycarbonate sheets businesses.
Covestro says it has decided that the sheets business no longer fits in the strategy of its Polycarbonates segment in the long run.
Moving forward, the segment will continue to focus on differentiated applications.
In 2018, the business generated total revenues of around €130 million (approximately £115 million).
The sale of the European outlets concludes the previous divestments of the respective facilities in North America and India in 2018, and the conversion of its production in Guangzhou, China, into a specialty films site.
The completion of the transaction is subject to the approval of the relevant antitrust authorities. The closing is expected for the fourth quarter of 2019.