BRUSSELS, BELGIUM: Solvay SA has signed a definitive agreement to sell 58.77 percent stake in its Thai subsidiary Vinythai PCL to Japanese company AGC Asahi Glass (AGC), thereby exiting its Asian polyvinyl chloride (PVC) activities.
Vinythai PCL is a joint venture between Solvay and PTT Global Chemical PCL.
The transaction is based on a total enterprise value of 16.5 billion Thai Baht (€ 435 million), representing a multiple of 8x mid-cycle EBITDA. The transaction is expected to close in the first half of 2017.
“This agreement follows Solvay’s earlier sale of the European PVC business and the upcoming completion of the divestment of its Brazilian PVC activities. These transactions represent a significant milestone in the company’s transformation towards a multi-specialty chemical group,” said Vincent De Cuyper, member of Solvay’s executive committee.
Read More: Solvay to sell its stake in Vinythai for €435 million
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