Covestro successfully closed the sale of its European Systems Houses business to H.I.G. Capital effective as of November 1, 2019. The sales proceeds amount to a high-double-digit euro million sum. The business comprises facilities in the Netherlands, Denmark, Spain, Germany and further businesses in Italy. Approximately 250 employees are generating annual sales of some EUR 230 million. The sale of the systems houses is part of Covestro’s ongoing efforts to optimize its portfolio.
The systems houses are offering tailor-made polyurethanes systems for customers. With its new owner H.I.G. Capital, the European Systems Houses now have the perspective to position themselves as an independent, focused player for mid-sized customers. The newly formed business will trade under the name Plixxent.
Source: Covestro
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