Tessenderlo completes sale PVC, Chlor-Alkali business Kerling

Tessenderlo completes sale of PVC, Chlor-Alkali business to Kerling

12:10 PM, 2nd August 2011
Tessenderlo completes sale of PVC, Chlor-Alkali business to Kerling

 

BRUSSELS, BELGIUM: Tessenderlo Group has completed the sale of its PVC and Chlor-Alkali activities, including part of Organic Chlorine Derivatives, to Kerling, a privately held UK-based company. Kerling, through its Ineos ChlorVinyls business, is now the owner of these activities, with production plants in Tessenderlo (Belgium), Mazingarbe (France), Beek and Maastricht (Netherlands), employing about 850 people.

On 14 June, 2011, Tessenderlo agreed to sell its PVC and Chlor-Alkali businesses to Kerling. Following clearance by the European Commission on 26 July, this transaction has now been successfully completed. On closing of the deal, Tessenderlo Group received €110 million on a cash-free, debt-free basis.

Tessenderlo Group has now taken a major step in its transformation into a speciality group which provides solutions by supporting agriculture and food production. These products are provide by its kerley and sulphate businesses, valourising bio-residuals through its akiolis and gelatin businesses contributing to water management through its plastics pipe systems and water treatment businesses.

It is the fifth strategic move of the group in 2011, following the sales of Tessenderlo Fine Chemicals in Leek (UK) and Chelsea Building Products (US) and two announced expansions of the US activities of Kerley.

(C) WOC News

 

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