Solvay SA has agreed to sell its 50 percent stake in Brazillian PVC compound processor Dacarto Benvic to its joint venture partners as part of the process to exit the PVC market.
The Brussels-based materials supplier announced July 6 that its three JV partner companies — Dupre Empreendimentos e Participações Ltda., Tondela Empreendimentos e Participações Ltda. and WR3C Empreendimentos e Participações Ltda. — will take over Dacarto Benvic.
The sale follows Solvay's withdrawal from PVC activities in Europe, Asia and Latin America, including its European PVC business, Benvic Europe, which was sold to U.S. investment company OpenGate Capital in 2014.
Dacarto Benvic is headquartered in Osasco, Brazil, with 450 employees in total. The company has offices and facilities in São Paulo and in Bahia state.
The transaction is expected to complete by the end 2017 and is subject to necessary approvals.