Covestro has signed an agreement with HIG Capital for the sale of Covestro’s European Systems Houses Business.
The decision to sell the systems houses was taken as part of Covestro’s ongoing portfolio optimisation process that includes the sale of Covestro’s North America spray polyurethane foam systems house in 2017.
Dr Thomas Toepfer, CFO of Covestro, said: “Our focus is future growth and value creation. That’s why evaluating and optimising our portfolio is part of our daily business.”
“Providing tailor-made solutions, systems houses serve relevant market needs. However, in an advanced polyurethanes market like Europe we focus on a more centralised approach to efficiently address the needs of our customers.”
With its new owner HIG, the European Systems Houses now have the perspective to position themselves as an independent, focused player for mid-sized customers.
In Asia, with its developing polyurethane markets, Covestro will continue to serve its customers through its established systems houses network.