PITTSBURGH, March 22, 2018 /PRNewswire/ -- 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 primarily used in roofing systems, machine housing 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.
About Covestro LLC:
Covestro LLC is one of the leading producers of high-performance polymers in North America and is part of the global Covestro business, which is among the world's largest polymer companies with 2017 sales of EUR 14.1 billion. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, electrical and electronics, and medical industries. Other sectors include sports and leisure, cosmetics and the chemical industry itself. Covestro has 30 production sites worldwide and employed approximately 16,200 people at the end of 2017.
Find more information at www.covestro.us.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
This press release is available for download from our website. Click here to view all our press releases.
Editor's Note: Follow news from Covestro on Twitter: www.twitter.com/CovestroGroup
SOURCE Covestro LLC