Covestro (Leverkusen / Germany; www.covestro.com) has signed an agreement with German group Serafin (Munich; www.serafin-gruppe.de) for the sale of Covestro’s European polycarbonate sheets business, which comprises production plants in Tielt / Belgium and Nera Montoro / Italy as well as central management operations and sales support in Europe. The business generated revenues of approximately EUR 130m in 2018 and employs around 250 people. Financial details of the transaction have not been disclosed, and closing is expected in Q4 2019.

In 2018, Covestro sold its US plant for PC sheets in Sheffield, Massachusetts, to Plaskolite (Columbus, Ohio / USA; www.plaskolite.com) – see Plasteurope.com of 28.03.2018. At the time, the company already had plans to sell the two European production sites too. Previously, it also divested a PC facility in India and converted its plant in Guangzhou, Guangdong / China into a solely speciality films production site – see Plasteurope.com of 19.07.2018.

Serafin is a holding company with around 5,000 employees and an annual turnover of EUR 800m. The group is focused on SMEs and includes synthetic filaments manufacturer Perlon (Munderkingen / Germany; www.perlon.com), industrial flooring company RCR Industrial Flooring (Luxembourg; www.rcrindustrialflooring.com), sports flooring specialist Conica (Schaffhausen / Switzerland; www.conica.com) and packaging film producer Perga-Plastic (Walldürn / Germany; www.perga.de). There are also six other companies in the group that are not directly related to plastic products.