BP Chemicals Ltd. has agreed to sell two of its remaining plastic processing businesses, in a management buyout backed by Barclays Private Equity.
BP announced last year that it intended to sell all its noncore processing operations, and has sold several units in the past few months. The latest to be sold includes a packaging operation in Dietenheim, Germany, and an injection and blow molding operation with plants in Rottenacker, Germany, and Charlotte, N.C.
Both businesses will continue to be run by their present management teams led by Managing Director Michael Joy. Subject to regulatory and other approvals, the deal should be completed in June, according to London-based BP. Financial details were not disclosed.
The Dietenheim operation makes food and pharmaceuticals containers and specialty films for laminating and the photovoltaic sectors. The plants blow and injection mold parts for the appliance and automotive industries. They employ 700 in Germany and 60 in the United States.
The firm still has to dispose of another group of U.S.-based operations with 11 plants in five countries in BP's fabrics and fibers division. Those businesses manufacture woven and nonwoven polypropylene carpet backing, geotextiles and other fabrics and are based in Austell, Ga.