China's Sinochem International (Overseas) Pte. Ltd. has completed the 195 million euro ($223.8 million) acquisition of Spanish ABS specialist, Elix Polymers SL, from private equity firm Sun European Partners LLP.
The supplier of ABS polymers and products started off as part of Germany's Bayer AG, moved to Lanxess and Ineos and since 2012 has been owned Sun European Partners.
Under the new Chinese ownership, Elix will target the Asian and Chinese markets, having already achieved growth in Europe and North America.
“The integration of Elix into a chemical group as important as Sinochem International will enable it to position the brand quickly in the Asian market and strengthen it in the European and American markets,” Elix said in a Jan. 10 statement.
During its ownership of Elix, Sun carried out a number of operational initiatives at the company, including the introduction of lean manufacturing and commercial excellence, which led to a considerable jump in the company's productivity, and earnings.
“We are pleased to have completed our sale of Elix. The progress made by the company during our ownership allowed for a successful exit and we continue to actively seek further investments in Spain,” said Lionel de Posson, managing director at Sun European Partners.