Germany-based materials manufacturer Covestro yesterday successfully closed the sale of Covestro’s Polycarbonates (PCS) sheets business in Sheffield (US) to Plaskolite. Acrylics sheets manufacturer Plaskolite will continue operations at the facility, which generated sales of about USD 170 million in 2017.
The sale of the sheets business is part of Covestro’s efforts to optimize its porfolio. After thorough evaluation, the company has decided that the sheets business will not be a strategic fit for its Polycarbonates segment in the long run. Besides the sale of the US sheets business, Covestro has also sold its sheets business in India, and is transferring its production in Guangzhou, China, into a speciality films site.
After Covestro had decided that its US sheets business could develop and grow better under a new owner, the company announced in March 2018 to have signed an asset deal with Plaskolite.
Both companies agreed on a purchase price in the high-double-digit million US Dollar range.