Shell Chemicals Ltd. has pulled out of the plastic pipe extrusion business with the sale of its 50 percent stake in Europe's top pipe producer, Wavin BV, to private equity firm CVC Capital Partners Ltd.
London-based Shell finalized the deal March 8. Terms were not disclosed.
Wavin of Zwolle, the Netherlands, claims to be world's second-largest maker of plastic pipe and fittings, producing 772 million pounds of pipe annually. It employs 4,500 at 40 sites in 21 European countries, according to Roel van 't Veer, general affairs director.
Wavin has interests in Australasia and exports 6 percent of its output beyond Europe.
The other 50 percent share in Wavin, which has sales of $850 million, is held by Waterleiding Maatschappij Overijssel, the Zwolle-based water authority for the Dutch province of Overijssel.