Austrian steel technology and capital goods company Voestalpine AG has signed an agreement to sell its plastics solutions business to Polytec Netherlands Holding, which is part of Hörsching, Austria-based Polytec Holding AG.
In 2013 Voestalpine's plastics solutions business unit generated sales of around 120 million euros ($150 million) at its two Dutch sites in Putte and Roosendaal, and it employed almost 700.
Products produced by the business include underbodies, acoustic, and exterior components for commercial vehicles, as well as non-automotive products.
Polytec said the acquisition will expand its position as a leading supplier of composite parts for the European automotive industry. According to Polytec, following the acquisition, it will have 23 manufacturing plants in 10 countries.
Currently the company has 21 sites and more than 3,500 employees.
Voestalpine said the sale to Polytec will be completed around the beginning of November.