Tessenderlo Group has the intention to sell its Compounds activities to Mitsubishi Chemical
Tessenderlo Group (NYSE Euronext: TESB) announced today that it has received an offer for its Compounds activities from Mitsubishi Chemical Corporation, a global industrial company already present in the compounds industry. The intended sale comprises four production sites in France, Poland and China and one R&D site in Belgium.
The employee representatives of the companies making up the group’s Compounds business unit have been informed that the information and consultation procedures will be launched. This transaction is subject to merger control approval. This divestment project is in line with the group’s strengthened focus on specialty products and services in the areas of food, agriculture, water management and valorizing bio-residuals.
Tessenderlo Group’s Compounds business unit has nearly 50 years’ experience and extensive know-how in formulation and production of thermoplastics, making it market leader in this sector. Its range of thermoplastic elastomers (TPE) and PVCs has been specially formulated to provide original solutions for applications in the building, automotive, cabling and many other areas. The activities in scope of this project employ about 360 employees, and generated revenue of 120 million EUR in 2011.
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio-residuals. The group employs about 7,500 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2011. Tessenderlo Chemie NV is listed on NYSE Eurolist by Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News wires: Bloomberg: TESB BB – Reuters: TesBt.BR – Datastream: B:Tes
Mitsubishi Chemical Corporation is Japan’s leading chemical company with chemistry-based technology platforms for the development of a wide range of technologies and products in the fields of performance products, healthcare, and industrial materials. The Group employs more than 27,000 employees and posted net sales of about 2.1 trillion JPY in fiscal year ended March 2012. Mitsubishi Chemical Corporation is one of four core operating companies of the Mitsubishi Chemical Holdings (MCHC) Group. The Group employs more than 53,000 people, with a consolidated revenue of about 3.2 trillion JPY, and is listed on TSE.
This press release is available in Dutch, French and English at www.tessenderlogroup.com