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Perstorp sells caprolactone business

Source:Plastics News Asia Release Date:2018-12-17 115
Plastics & Rubber
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Perstorp to sell its Capa (caprolactone) business to Ingevity for €590 million
Perstorp is selling Capa™, its caprolactone business, including the production site in Warrington, to Ingevity for approximately €590 million. The business has annual revenues of approximately €150 million.
 
Under Perstorp’s leadership during the last 10 years, Capa’s operating margins have increased by almost 50% by investing in production and new product lines, which in turn have increased both the customer base and the geographic reach. This has made Capa a highly attractive asset, gaining interest among several potential buyers of which Ingevity now will be the new owner to continue to develop the long-term value of the business. Ingevity will acquire Perstorp UK Ltd including Perstorp’s entire caprolactone business.
 
The sale of Capa will unlock significant value and is in line with Perstorp’s track record of successful divestments such as most recently the BioFuels Business and in 2017, the Belgian site in Gent.
 
Perstorp Capa
 
It will furthermore enable the Perstorp Group to focus its business opportunities and future growth prospects on its Polyol, Oxo and Feed businesses, maximizing opportunities such as further building leadership in the polyol business; expanding the markets for phthalate free plasticizer Pevalen™; expanding the markets for products within the animal nutrition area; and establishing its pro-environment solutions as the first choice (certified products based on renewable raw materials).
 
The transaction is subject to certain regulatory approvals and other customary closing conditions, and Perstorp expects to close the transaction in the first quarter of 2019. HSBC Bank plc acted as financial adviser and Allen & Overy acted as legal counsel to Perstorp.
Nike Air Presto Fly
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