Courtaulds plc (London) has announced it will sell its 28% stake in OPP films producer Hoechst-Trespaphan GmbH (PO Box 1143, D-66511 Neunkirchen) to joint venture partner Hoechst (HQ: D-65926 Frankfurt) in exchange for Hoechst 's minority stake in a manmade fibres joint production company. This will involve acrylic and viscose fibres assets at Kelheim, Germany. The swap is part of the UK group's plan to sell its GBP 228m polymer products business while splitting fibres and coatings activities into two separate companies. Courtaulds said "margins in polymer products remain good, with sales in Asian and Eastern Europe expanding." But it added that "progress has been slowed by the strength of Sterling and the Asian crisis."

Hoechst Trespaphan, which employs 1,100, had sales of DEM 500m in 1997 from output of its 120,000 t/y production facilities in Germany, the UK and France. The portfolio encompasses biaxially oriented polypropylene films used for the most part in food packaging. While the Frankfurt group has declined to comment on its further plans for the OPP business – it recently sold its 50% stake in the rigid films jv Kalle Pentaplast (D-56401 Montabuar) to partner Klöckner (PIE 04, 1998) – many observers are anticipating Hoechst's withdrawal from films altogether as it completes its metamorphosis into a life sciences company.