Agru GmbH as announced it has agreed to purchase the fluoropolymer production assets from Zurich, Switzerland-based Quadrant EPP, a subsidiary of Tokyo-based Mitsubishi Plastics Co. Ltd.
The financial details of the acquisition were not disclosed and the transaction is limited to the assets currently located at Quadrant's Lenzburg, Switzerland site.
The deal will mean Agru is able to further strengthen its position in the fluoropolymer products business by the addition of the materials, previous marketed as Symalit, says Quadrant. The acquisition will see the equipment at Quadrant's Lenzburg site dismantled and rebuilt at the largest site of Agru in Bad Hall, Austria. Quadrant states that the transfer is scheduled to be completed by the end of the first quarter of 2016.
Petrus van Damme, President of Quadrant EPP EMEA & India, said: “the fluoropolymer sheet & linings activities of Quadrant EPP are primarily related to project based businesses, and have been quite stable over the recent years. This activity was previously part of another business unit of Quadrant AG and has had little synergy with the other core business lines within Quadrant EPP. Therefore, in the best interests of the long-term future of all involved stakeholders of this activity, we evaluated all options and decided it was best to divest this business. We are delighted to have found a market leader such as Agru, who offers clear synergies with their core business, as the new parent company. We are confident this will secure its' long-term success. Quadrant EPP expects to have a close cooperation with Agru in future”.
Quadrant states that the deal will have no consequence to its machined parts business and that for these components the whole fluoropolymer product range will still be available from Quadrant EPP.
Quadrant currently has locations in 20 countries and employs more than 2,000 people.