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Business
Solvay Off-loads Two PVC Businesses
by Alex Scott
December 23, 2013
| A version of this story appeared in
Volume 91, Issue 51
Solvay has agreed to sell its 70.6% stake in Solvay Indupa, South America’s second-largest polyvinyl chloride producer, to Brazilian chemical maker Braskem. The agreement values Solvay Indupa at $290 million, but because of debt the cash Solvay will get for its stake amounts to just $25 million. Separately, Solvay has agreed to sell Benvic, its European PVC compounding business, to OpenGate Capital, a Los Angeles-based private equity firm, for an undisclosed sum. Benvic operates three plants in Europe. OpenGate acquired Profialis, a European PVC building products business, in January.
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