Solvay has signed an agreement to sell its polyvinyl chloride (PVC) compound business Benvic Europe to US investment company OpenGate Capital.
Benvic Europe mixes PVC and additives, pigments and stabilisers to make innovative plastic compounds, which are processed to serve markets including medical applications.
"This divestment is part of Solvay's transformation to achieve higher growth and greater cash returns and helps to reduce its exposure to the economic cycle," said Jacques van Rijckevorsel, member of Solvay's executive committee.
"OpenGate Capital's long-term investment strategy will allow Benvic to seize growth opportunities in Europe."
Benvic generated revenues of about €160 million in 2013. It has about 220 employees across Europe, with three PVC compounding production sites in France, Italy and Spain.