25 May 2012 12:32 [Source: ICIS news]
LONDON (ICIS)--Solvay has completed the sale of its 50% stake in plastic pipe systems producer Pipelife for €172m ($215m) in cash to Austria-based Wienerberger, the Belgium-based company said on Friday.
Vienna-headquartered Pipelife employs about 2,600 employees in 27 countries and reported sales of €800m in 2011. It produces and sells polyvinyl chloride (PVC) and polypropylene (PP) plastic piping systems, serving both EU and international markets. Pipelife’s main line of business is the production of sewage pipes.
Wienerberger is a leading producer of bricks, clay roof tiles and concrete pavers. The company generated revenues of €1.56bn in the first nine months of 2011.
($1 = €0.80)
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