Belgium's Tessenderlo completes €110m PVC, chlor-alkalis sale

01 August 2011 17:32  [Source: ICIS news]

LONDON (ICIS)--Tessenderlo has completed the sale of its polyvinyl chloride (PVC) and chlor-alkali business to INEOS ChlorVinyls, the Belgium-based chemicals company said on Monday.

“Following clearance by the European Commission on 26 July, this transaction has now been successfully completed,” Tessenderlo said in a statement.

“On the closing of the deal, Tessenderlo Group received €110m ($159m) on a cash-free, debt-free basis,” it added.

The acquisition by INEOS ChlorVinyls – part of UK-based Kerling, a leading manufacturer of PVC and caustic soda in Europe – was announced on 14 June.

Tessenderlo will now leave the commodities market and focus on its sulphate, akiolis and gelatine businesses, and its remaining plastics pipe systems and water-treatment segment.

($1 = €0.69)

For more on Tessenderlo visit ICIS company intelligence

By: Graeme Paterson
+44 20 8652 3214

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