Solvay aims to sell its rigid plastic foil subsidiaries Adriaplast and Caleppiovinil to Ineos, it emerged late yesterday.
Both parties are entering into exclusive talks and intend to finalise the transaction in the first quarter of 2005, pending regulatory approval.
Adriaplast and Caleppiovinil are located in Monfalcone and Fucine di Ossana, North-Eastern Italy, respectively. Their products are used, among other things, for food, consumer and pharmaceutical products packaging. They had a total turnover of 62 million Euros in 2004 and employ 235 people.
“Solvay’s strategic priority is sustainable, profitable growth in selected areas of pharmaceuticals, chemicals and plastics,” explained Pierre Winant, CEO, Strategic Business Unit Industrial Foils.
“The (foil subsidiary) group is a relatively minor market and we are glad to see these activities joining a Group like EVC, whose core businesses include rigid foils,” he added.
Ineos is the major shareholder in EVC, one of Europe’s leading PVC manufacturers. The EVC Group operates several sites across Europe and in India and employ about 3100 people. Its activities include the manufacture of EDC, VCM, PVC resins, compounds and rigid films and the development and licensing of the technologies associated with the manufacturing processes.