Covestro sells its sheets outlet

Ger­man-based mate­ri­als man­u­fac­tur­er Cove­stro con­tin­ues to opti­mize its port­fo­lio. As part of this strat­e­gy the com­pa­ny intends to sell its glob­al Poly­car­bon­ates (PCS) sheets busi­ness. PCS sheets are high­ly durable and free formable sheets that are used in pub­lic trans­porta­tion, roof­ing sys­tems or sig­nage applications.
As a first step, Covestro’s PCS sheets busi­ness locat­ed in Sheffield (US), which gen­er­at­ed sales of about USD 170 mil­lion in 2017, has been sold to US-based acrylics sheets man­u­fac­tur­er Plasko­lite LLC. The deal will be con­duct­ed as an asset deal, which means that as well as the trans­fer of ded­i­cat­ed intel­lec­tu­al prop­er­ty and fixed assets, employ­ees will join Plasko­lite. Oper­a­tions will con­tin­ue at the cur­rent facil­i­ty. The com­pa­nies agreed on a pur­chase price in the high-dou­ble-dig­it mil­lion US Dol­lar range. Clos­ing is expect­ed to be com­plet­ed in the third quar­ter of 2018.
“We con­tin­u­ous­ly eval­u­ate and opti­mize our port­fo­lio to secure future growth and val­ue cre­ation. Dur­ing that process it became clear that our sheets busi­ness will not be a strate­gic fit to our Poly­car­bon­ates busi­ness in the long term,” said Cove­stro CEO Patrick Thomas. “We there­fore decid­ed that it can devel­op and grow bet­ter under a new own­er and we are hap­py to have found a great buy­er for our US out­let with Plaskolite.”
For its out­lets in Europe, the com­pa­ny will soon open a sep­a­rate bid­ding process and in due course will announce details regard­ing its remain­ing out­lets in the Asia-Pacif­ic region.