logo
Share SHARE
FONT-SIZE Plus   Neg

Solvay To Sell Its 50% Stake In Pipeline To Wienerberger For 172 Mln. Euros

Brussels-based chemicals group Solvay said Wednesday it has signed a binding agreement to sell its fifty percent stake in Pipeline to brick producer Wienerberger. Pipelife, a supplier of plastic pipe systems, is equally owned by Solvay and Wienerberger.

As per the terms, Solvay said it will receive 172 million euros in cash for the shares, including a special dividend of 10 million euros.

For Solvay, the deal represents an Enterprise Value of about 257 million euros for its 50% stake when taking into account assumption of liabilities, including pensions and other debt-like items, for about 85 million euros.

The closing of the deal is expected in the second quarter 2012, after obtaining the usual antitrust authorizations.

Solvay said it will use the proceeds from the sale to pursue its strategy of sustainable and profitable growth and focus on more strategic activities.

Vienna, Austria-based Pipeline is one of the world's leading suppliers of plastic pipe systems. The company employs about 2.600 employees in 27 countries and realized about 800 million euros in sales in 2011.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
They say there's plenty of fish in the sea, but very few of them are as wealthy as these tycoons. May be they have been so busy building their empires they never had the time to stick with a perfect partner to build their family. This list of the richest singles is assorted — from a 34 year-old... Anthony Levandowski, the head of Uber's self-driving division, is stepping away from his role as Uber continues a legal battle with Waymo, Levandowski's former employer. Levandowski, who founded startup Otto, became head of Uber's Advanced Technologies Group or ATG after Otto was acquired by Uber in August 2016. Southwest Airlines Co. has decided to end the practice of overbooking flights, the airline's CEO Gary Kelly said Thursday. The airline's plan to end overbooking could be implemented from May 8, according to a Southwest spokeswoman.
comments powered by Disqus
Follow RTT