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2008-02-03
Manufacturing News
Chemicals group Solvay divests Caprolactones unit Solvay receives European commission antitrust clearance to sell its Caprolactones business to Perstorp, a specialty chemicals group of Sweden.
Solvay confirms the sale of its entire Caprolactones business to the Perstorp Group of Sweden, following approval by the European Commission in early January 2008. The transaction was initially announced on October 15, 2007. The European Commission concluded that the deal would not distort competition within the European Union, since Perstorp has no Caprolactone production facilities. The EC also found that limited vertical integration with some existing Perstorp activities would have no anti-competitive consequences. The transaction was accounted for in the fourth quarter 2007 Group accounts.
The price for the transaction is EUR 200 million before taxes. This transaction
generated a capital gain, which was recorded as non-recurring profit.
Furthermore, important non-recurring charges have been booked in relation
to previously announced reorganizations and restructurings – particularly
in the fluorinated chemicals activities (see press release dated October
29, 2007). On balance, the impact of these items on the net 2007 income
of the Group will be limited. The activities concerned serve clients worldwide, from a manufacturing site located in Warrington (United Kingdom) and generated a turnover of about EUR 60 million in 2006 with 65 employees. Perstorp has recently announced that it intends to expand the plant’s capacity. Specialty chemicals company PERSTORP is a Swedish-based is a world leader in the production of oxo chemicals and polyols, derived mainly from propylene and methanol. Perstorp´s products are used in the aerospace, marine, coatings, chemicals, plastics, engineering and construction industries. Perstorp currently employs approximately 1,800 people and has manufacturing units in ten countries in Asia, Europe, North and South America. In 2006, Perstorp achieved revenues of EUR 780 million. * Trademark of Solvay. See all the Press Releases from Solvay sites - Click Here Read a recent article about - Got a Cool Job in Chemicals?- Get the word out today! Our Dedicated Portal Helps U- $ave
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