Selling foils

Solvay has struck a deal with thermoplastic films manufacturer Renolit to sell its entire Industrial Foils business, which makes plastic foils and sheets, for 330 million Euros.

Both parties intend to finalise the transaction before year end, pending relevant regulatory approval.

The Industrial Foils business is mainly based in Europe - there are nine plants located in eight European countries - but there is also one located in Commerce, CA in the US. In addition, the business has joint ventures in China and Brazil.

In 2004, it generated a total turnover of about 470 Euros million and employs 2200 people.

The deal between the two companies does not include Solvay’s rigid plastic foils activities, which has gone to Ineos.