01 February 2013 10:30 [Source: ICIS news]
LONDON (ICIS)--Tessenderlo has completed the sale of Profialis, a Belgium and France-based polyvinyl chloride (PVC) profiles manufacturer, to US investor OpenGate Capital, the Belgium-headquartered chemicals company said on Friday.
The divestment, first announced in the company’s fiscal second-quarter 2012 earnings in late August, is part of a drive to increase focus on its core activities, according to Tessenderlo. Financial details were not disclosed.
“This divestment is in line with Tessenderlo Group’s strengthened focus on specialty products and services in the areas of food, agriculture, water management and valorising bio-residuals,” the company said in a statement.
Profialis manufactures PVC systems for windows and doors from production facilities in Clerval, France, and Oeselgem, Belgium. The company also has sales offices in Poland and Hungary.
OpenGate is planning to expand the company’s presence and geographical reach in the European PVC profiles sector through a series of bolt-on acquisitions, the firm said.
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