Solvay sell 50 pc stake in Pipelife Wienerberger

Solvay to sell 50 pc stake in Pipelife to Wienerberger

10:03 PM, 15th February 2012
Solvay to sell 50 pc stake in Pipelife to Wienerberger
Solvay, Headquarters.

BRUSSELS, BELGIUM: Solvay and Wienerberger announced that they have signed a binding agreement for the sale of Solvay’s 50 per cent stake in Pipelife, one of the world’s leading suppliers of plastic pipe systems, to Wienerberger. Solvay will receive €172 million in cash for the shares, including a special dividend of €10 million. For Solvay the deal represents an enterprise value of about €257 million for its 50 per cent stake when taking into account assumption of liabilities, including pensions and other debt-like items, for about €85 million. The closing is expected in the second quarter of 2012.

“Twenty two years ago Solvay and Wienerberger founded Pipelife in order to support a transition from concrete and metal pipes for water transportation to plastic pipes and build a market leader. The excellent collaboration with Wienerberger this project became a great success with both targets met,” said Dominique Clerbois, Executive Vice President, Solvay.

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