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, Mexico’s Mexichem last week agreed to a €531m deal to acquire Dutch plastics pipe producer Wavin.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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