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Additives Belgian coating additives activities sold to Synthomere
Gent/Belgium - The specialty chemicals producer and supplier, Perstorp Belgium, has sold its additives activities at its facility in Gent to Swiss company, Synthomer.
The company primarily producers additives for the paints and coatings industry. The total consideration for the sale is € 78 million. The Swedish company announced that this step was part of their divestment strategy to focus on and expand its core chemicals activities.
The business employs 41 employees at its Gent facility and will have all employess transferred with the business. According to the company, the site in Belgium generated earnings before interest and tax of € 8 million in the year to 31 December 2016, and had gross assets of € 21 million.
“The sale of Perstorp Belgium creates very good shareholder value and is a natural step in our strategy of focusing on growing our core technology platforms. The transaction provides Perstorp Belgium and its employees with an opportunity to develop further within Synthomer,” says Perstorp President & CEO Jan Secher.
This article appeared in www.process-worldwide.com.