Perstorp sells Belgian site with its coating additives activities to Synthomer
The specialty chemicals innovator and supplier Perstorp has announces the sale of its additives activities primarily serving the paints and coatings industry produced at its facility at Gent Belgium, Perstorp Oxo Belgium AB, to Synthomer.
The total consideration for the sale is EUR78 million.
Strategy to focus on core chemicals activities
The divestment is in line with Perstorp’s strategy to focus on and expand its core chemicals activities “The sale of Perstorp Belgium creates very good shareholder value and is a natural step in our strategy of focusing on growing our core technology platforms. The transaction provides Perstorp Belgium and its employees with an opportunity to develop further within Synthomer,” says Perstorp President & CEO Jan Secher.
About Perstorp Oxo Belgium AB
Perstorp Belgium manufactures and markets a range of performance additives to a global customer base across a number of end-markets including paints and coatings and plastics. The business employs 41 employees at its Gent facility, who will all be transferred with the business. In the year to 31 December 2016, Perstorp Belgium generated earnings before interest and tax of EUR8 million. At 31 December 2016, Perstorp Belgium had gross assets of EUR21 million. The transaction represented a multiple of circa 9.0x 2016 EBITDA.
