Covestro has successfully closed the sale of its European polycarbonates sheets business to the Munich-based Serafin Group effective January 2, 2020. This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy. The segment generated total sales of EUR 130 million in 2018. Serafin will continue operations with the 250 employees at all locations. Moreover, Covestro will continue to serve as key raw materials supplier in the foreseeable future.
With the sale of its European polycarbonates sheets business, Covestro is pursuing its ongoing portfolio optimization. The divestment follows transactions that were already concluded in North America and India, as well as the conversion of the Guangzhou (China) site into production of speciality films. Thus, Covestro has completely sold its polycarbonates sheets business.
From now on, the former polycarbonate sheets business of Covestro will operate under the new company name Exolon Group. Covestro and Serafin have agreed not to disclose the financial details of the transaction.