Solvay SA is selling its entire industrial plastic foils and sheet business, comprising 13 plants in Europe, the United States, Brazil and China, to German sheet and film producer Renolit AG for 330 million euros ($393 million).
The deal should be final by year's end. Not included were Solvay's rigid plastic foil operations in Italy, which EVC International NV acquired in July.
Worms, Germany-based Renolit will gain 10 European foil plants, in France, Germany, Belgium, Italy, Britain, Spain, the Netherlands and the Czech Republic. The deal includes a plant in City of Commerce, Calif., and shares of joint venture operations in Changzhou, China, and Tafui, Brazil.
Solvay industrial foils employs 2,200 and had 2004 sales of 470 million euros ($559 million). Markets include medical, furniture, swimming pools, automotive, construction and consumer goods.
Brussels, Belgium-based Solvay considers the foils noncore but they broaden Renolit's portfolio.
``The real added value from this operation is the addition of know-how and expansion of our range of products,'' said Renolit President Heinz GÃ¤rtner.