03 February 2009 10:34 [Source: ICIS news]
LONDON (ICIS news)--Borealis has reached an agreement to sell its melamine and additives business and operations in Castellanza, Italy, to investor group Borgo Olona for an undisclosed sum, the polyolefins producer said on Tuesday.
"The sale of these operations in Italy is in line with our plans to focus on our core products," said Borealis CEO Mark Garrett.
Borealis said its base chemicals portfolio of core products are melamine, plant nutrients, phenol and olefins from its European cracker operations.
AMI Agrolinz Melamine International Italy manufactures a range of melamine-based resins for various applications and additives for the woodworking industry.
The Castellanza plant, near Milan, has a production capacity of approximately 12,000 tonnes/year of melamine resins and 3,000 tonnes/year of additives.
The new owner has decided to rename the company Chemisol Italia Srl. No job losses were incurred during the sale, Borealis said.
"Our base chemical plants in Linz, in Austria, and Piesteritz, in Germany, are performing well and our expansion plans within the Chemical Industrial City – Chemaweyaat – in Abu Dhabi, are on track," said Garrett.
"AMI Italy has a reliable customer base, with good opportunities for further production expansion and increased product offer," said Chemisol Italia's Gianluca Bagatti.
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