Plastic sheet manufacturer Polycasa NV has been sold to Schweiter Technologies AG for 120 million euros ($137.2 million), the Aventas Group has announced.
The company based in Geel, Belgium, employs more than 520 people and has five manufacturing plants across Germany, Spain, Slovakia, the Czech Republic and Belgium. Polycasa reported sales of around 180 million euros ($205.7 million) in 2014. It changed its name from Quinn Plastics in 2014.
Schweiter Technologies is based in Horgen, Switzerland, and has more than 2,500 employees worldwide.
In a news release, Schweiter said it will use Polycasa to strengthen the display business of its 3A Composites division. The transparent materials from Polycasa will “ideally supplement the existing product range of various hard and light foam materials plus aluminum sandwich panels,” the company said.
Aventas Group chief executive Paul O'Brien said: “I am pleased that we have reached agreement on the sale of Polycasa to a global player of the caliber of Schweiter Technologies. This sale will mark a further significant step in the realization of value for our investors and lenders.”
In April, Polycasa said its rebranding had helped the firm post its best start to the year since 2008, with strong orders coming from UK shop fitting suppliers.