Solvay to sell stake in plastics pipe joint venture Pipelife for €172m
15 February 2012 19:01 [Source: ICIS news]
LONDON (ICIS)--Belgian chemicals major Solvay has agreed to sell its 50% stake in plastics pipe producer Pipelife for €172m ($226m) in cash to Austria-based brick producer Wienerberger, it said on Wednesday.
Solvay and Wienerberger founded the joint venture 22 years ago. Vienna-based Pipelife employs a staff of 2,600 people at 29 production facilities worldwide.
Solvay said including the assumption of Pipelife liabilities by Wienerberger, the deal’s total enterprise value was €257m.
The deal is expected to be completed in the second quarter, subject to approval from regulators.
In related industry news,
($1 = €0.76)
By: Stefan Baumgarten
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