TESSENDERLO, BELGIUM (Aug. 30, 1 p.m. ET) — Tessenderlo Group, the Belgian-headquartered chemicals giant, has announced plans to sell Profialis, its continental European PVC profile business.
The operation is due to be sold to Los Angeles-headquartered investment firm Open Gate Capital, for an undisclosed sum.
Tessenderlo said staff at Profialis' production centers in Belgium and France had been informed of the intention to sell the business.
The group said the sell-off was part of a strategy to focus on producing specialty products in the food, agriculture and water management areas.