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. With approximately 250 employees, the business generates a 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