02 October 2012 11:50 [Source: ICIS news]
LONDON (ICIS)--Azelis has completed the sale of its international composites business to European materials company VELOX, the Belgian specialty chemicals company said on Tuesday.
The division employs 50 people across 12 European countries, and has an annual turnover of €50m ($64m), according to VELOX. Azelis declined to disclose a sale price.
The sale, which was completed yesterday, follows a strategic review in which the division was identified as non-core to the company’s development plans, which Azelis says will be focused more on industrial coatings, rubber and plastic, and life sciences.
Expansion within the Asia-Pacific region was also identified as a priority, following the appointment of former Clariant executive Hans-Joachim Muller as Azelis’s new CEO this month. Muller has experience of working in the Asia-Pacific region, formerly serving as head of BASF’s catalyst business in Hong Kong.
“We are well-established in Europe, and we see Asia Pacific as having strong growth potential for us. A lot of customers we work with in Europe are also interested in developing further into the region,” a company spokesperson said.
($1 = €0.78)
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