ANTWERP, BELGIUM (Oct. 3, 11:50 a.m. ET) — Azelis Holding SA, the specialty chemical distributor, has sold its composites business to German raw materials firm Velox GmbH for an undisclosed sum.
Antwerp-headquartered Azelis said the sale was effective Oct. 1. The company will focus on industrial chemicals, coatings, rubber and plastic and life sciences as the “primary value-added growth areas” within Europe.
The composites sale is the second in four months for Azelis, which in June sold its thermoplastic polymer business to Gazechim Plastics.
Azelis also announced the appointment of Hans-Joachim Müller, previously with Clariant, as its new CEO.