International chemical and pharmaceutical group Solvay is to sell its polypropylene compound subsidiary Solvay Engineered Polymers (SEP) to polyolefins and polypropylene producer Basell.
The annual sales of SEP accounts for less than 2 per cent of the turnover of the Solvay group.
SEP, which is active in the North American Free Trade Agreement (NAFTA) region, has operations in Mansfield and Grand Prairie, Texas, as well as in Auburn Hills, Michigan. The company is also represented in Europe and China through sales offices.
The acquisition of Solvay Engineered Polymers will complement Basell's existing Polymer-based Composite Materials and Alloys (PCMA) business in North America.
Solvay divested itself of the SEP polypropylene compounding activities having disposed of its polypropylene resin production business in 2001.
Pending relevant regulatory approval, the transaction is expected to be completed early in 2008.
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