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.
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