French automotive parts and waste container molder Cie. Plastic Omnium is reinforcing its nonautomotive business.
Paris-based Omnium is in exclusive talks to sell a 72 percent stake in its high-tech automotive and aeronautics plastic components subsidiary, Performance Plastics Products, to its managers and Paris-based turnaround investment firm Osiris Partners.
In another deal, Omnium's environment division is buying German household waste bin and metal container producer Sulo Environmental Technology, part of Hamburg-based Sulo GmbH.
That acquisition will extend Plastic Omnium Environment's manufacturing and marketing presence in Germany and Eastern Europe. The division, which saw a sharp decline in margin early this year, expects to see more than 600 million euros ($828 million) in annual sales generated from the announced deals in 2008.