Synthomer plc (LSE:SYNT) (‘Synthomer’ or the ‘Group’), a leading speciality chemicals company, today announces that it has sold its Leuna site in Germany to Alberdingk Boley Gmbh for an undisclosed price.
The site will continue to manufacture products for Synthomer for an initial period prior to transferring the manufacture of product to the remaining Synthomer network.
The Leuna site was acquired as part of the Hexion PAC acquisition in 2016. The ongoing operational savings related to the sale of the site form the final part of the Group’s $12m synergy target relating to that acquisition. Accordingly the sale, which completed on 1 January 2018, will conclude the integration of Hexion PAC into the Synthomer Group.