TESSENDERLO, BELGIUM (July 29, 12:15 p.m. ET) — The European Commission has given its approval for the sale of Tessenderlo Group's PVC resin and chlor-alkali activities to Kerling ASA, which owns the Ineos ChlorVinyls business.
The sale includes Tessenderlo's PVC production plants in Mazingarbe, France, and Beek, Netherlands; chlor-alkali, vinyls OCD assets at Tessenderlo, Belgium; and a benzyl alcohol plant in Maastricht, the Netherlands. The businesses employ about 850.
The total consideration for the businesses and assets acquired will be 110 million euros in cash.
In June, Kerling CEO Chris Tane said: “The Tessenderlo Group's businesses and assets are high quality and supported by an organization which has shown its ability to manage its business through a very difficult period in our industry. I believe they will be a strong addition to our existing organization and businesses and will underpin our further profitable growth.”
Tessenderlo said the transaction is “a major step in its transformation into a specialty group.”
On July 25, Tessenderlo said it is selling its U.S. PVC window profile business, Chelsea Building Products, to Graham Partners Inc.