BRUSSELS -- Specialty chemicals maker Tessenderlo Group is selling its plastic compounds business to Mitsubishi Chemical Corp. for an undisclosed price.
The sale includes four plants — in France, Poland and China — and a research and development site in Belgium. The business employs 360 and has annual sales of 120 million euros (US$156 million). Its primary products are compounds based on PVC and thermoplastic elastomers. Main markets for these compounds are building, automotive and cabling.
In a Feb. 27 news release, officials with Brussels-based Tessenderlo said the sale "is in line with the group's strengthened focus on specialty products and services" in food, agriculture and other markets.
Tokyo-based Mitsubishi Chemical ranks as Japan's largest chemicals firm with annual sales of almost $23 billion.