Solvay completes European PVC compound business sale to OpenGate Capital
Brussels, June 4, 2014 --- Solvay has completed the divestment of its polyvinyl chloride (PVC) compound business Benvic Europe to U.S. investment company OpenGate Capital, enhancing the resilience of the Group’s portfolio.
Completion comes after competition authorities cleared the divestment agreement, which Solvay and OpenGate Capital had announced in April.
Benvic Europe mixes PVC and additives, pigments and stabilizers to make innovative plastic compounds used in markets including construction, cars and packaging. Revenues last year reached about €160 million. Its three PVC compounding production sites are in France, Italy and Spain. The divestment will not affect Benvic’s current headcount of 220.
As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. Solvay generates 90% of its net sales in activities where it is among the world's top three players. It serves many markets, varying from energy and the environment to automotive and aeronautics or electricity and electronics, with one goal: to raise the performance of its clients and improve society's quality of life. The group is headquartered in Brussels, employs about 29,400 people in 56 countries and generated 9.9 billion euros in net sales in 2013. Solvay SA is listed as SOLB.BE on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).
Headquartered in Los Angeles, OpenGate Capital is a global private investment firm specializing in the acquisition and operation of businesses throughout North America, Europe and Latin America. The firm’s portfolio includes businesses operating in a variety of industries and generates revenues of nearly $3 billion. Visit the website.