Solvay completes sale of 50% stake in plastic pipe systems supplier

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.

Solvay and Wienerberger founded the joint venture 22 years ago. On 15 May, the European Commission decided not to oppose plans by Wienerberger to acquire 100% ownership of Pipelife.

Solvay said including the assumption of Pipelife liabilities by Wienerberger, the deal’s total enterprise value was €257m.

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)

By: Franco Capaldo
+44 (0)20 8652 3214

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