29 October 2012 20:39 [Source: ICIS news]
HOUSTON (ICIS)--India’s Jindal Poly Films reached agreement to buy ExxonMobil’s global biaxially-oriented polypropylene (BOPP) films business, the companies said on Monday.
The purchase agreement covers five BOPP plants in the US and Europe, Jindal said. The manufacturing sites are in Georgia and Oklahoma in the US and in Italy, the Netherlands and Belgium in Europe.
Jindal said in a statement filed with the Bombay Stock Exchange that it would also buy a technology centre and sales office in Rochester, New York, and an office in Luxembourg.
Sales offices in Spain, the UK, Poland, Singapore, Italy, Germany and China were also included, ExxonMobil said.
The business includes 1,500 workers, Jindal said.
Jindal did not release the financial details of the transaction.
The sale is part of ExxonMobil’s “long-standing practice of continually reviewing its assets for their contribution to the company’s operating and financial objectives, alignment with its strategic priorities, and their potential value to others”, the US-based producer said.
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