Covestro (Leverkusen, Germany) has successfully completed the sale of its European polycarbonate (PC) sheet business to Munich-based Serafin Group, effective Jan. 2, 2020. The newly created entity will operate under the name Exolon Group, with production sites in Belgium and Italy. Serafin will continue operations with the 250 employees at all locations and Covestro will continue to serve as key raw materials supplier for the foreseeable future, the company said in its announcement.
The sale follows transactions that were already concluded in North America and India, as well as the conversion of the Guangzhou, China, site into the production of specialty films, resulting in Covestro’s complete divestment of its PC sheet business. Financial details of the transaction were not disclosed.
Serafin is a diversified industrial group whose philosophy is based on the more than 150 years of entrepreneurial tradition of its shareholding family. Serafin invests in companies with the goal of fostering their long-term development in accordance with all stakeholders. Following the successful acquisition of Exolon Group, Serafin will generate total revenues of more than €900 million and employ approximately 5,000 people.
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