Materials manufacturer Covestro (Leverkusen, Germany) announced yesterday that it successfully closed the sale of its U.S. polycarbonate sheets (PCS) business to Plaskolite (Columbus, OH). Acrylics sheets manufacturer Plaskolite will continue operations at the facility, which generated sales of about $170 million in 2017.
The sale is part of Covestro’s efforts to optimize its portfolio, said the company in a news release. Following a thorough evaluation, Covestro determined that the sheets business was not a strategic fit for its polycarbonates segment in the long run. Previously, Covestro sold its sheets business in India, and is transferring its production in Guangzhou, China, into a speciality films site.
Plaskolite provides a range of acrylics and injection molding and extrusion services to an array of industries including mobility, building and construction, medical technology and consumer goods.
Covestro first announced in March 2018 that it had signed an asset deal with Plaskolite.
The purchase price is in the high-double-digit millions of dollars, Covestro reported.