Covestro Handovers Polycarbonate Sheet Business to Serafin Group
Covestro is a prestigious name in the production and innovation of polymer and high-performance plastics all over the world. The company deals with products such as polyurethanes and polycarbonates and antecedent of adhesives, sealants, paints and coating. To strengthen its global leadership, it practices various business strategies and develops innovative technologies. As a part of its portfolio optimization strategy, Covestro successfully sold its polycarbonate sheet business to Serafin Group, a Munich-based German investment company. This agreement comprises of the selling of production units in Belgium and England that have about 250 employees including the management and sales function staff all over Europe. The polycarbonate sheet business will thus proceed under Exolon Group, a former part of Covestro which will now operate as an independent company within Serafin Group. Exolon will primarily deal with the production and handling of solid and multiwall sheets. While Covestro will assist it by supplying raw material for a “foreseeable future”. Accompanied by the conversion of its production site into specialty film site in Guanzhau, China, this transaction marks an end to the round of divestments of facilities setup in North America and India signifying the company’s intention to consolidate its business and optimize risk.