Perstorp Sells Additives Activities to Synthomer
March 13, 2017
Perstorp has announced the sale of its additives activities primarily serving the paints and coatings industry, Perstorp Belgium to Synthomer. The total consideration for the sale is €78 million. The divestment is in line with Perstorp’s strategy to focus on and expand its core chemicals activities, the company stated.
Perstorp Belgium manufactures and markets a range of performance additives to a global customer base across a number of end-markets including paints and coatings and plastics. The business employs 41 employees at its Gent, Belgum facility, who will all be transferred with the business. In 2016, Perstorp Belgium generated earnings before interest and tax of €8 million and had gross assets of €21 million. The transaction represented a multiple of around 9 times 2016 EBITDA.
“The sale of Perstorp Belgium creates very good shareholder value and is a natural step in our strategy of focusing on growing our core technology platforms. The transaction provides Perstorp Belgium and its employees with an opportunity to develop further within Synthomer,” says Perstorp president & CEO Jan Secher.