24th January 2019

PERSTORP SELLS PLANT TO SYNTHOMER

Specialty chemicals supplier Perstorp Holding AB has announced the sale of its paint and coatings additives facility at Ghent, Belgium to Synthomer plc. The stated sale price is €78 million, subject to certain adjustments.The divestment is in line with Perstorp’s strategy to focus on and expand its core chemicals activities.
Perstorp Belgium manufactures and markets a range of performance additives to a global customer base across a number of end-markets including paints and coatings, and plastics. The business employs 41 employees at its Ghent facility, who will all be transferred with the business.

In the year to 31 December 2016, Perstorp Belgium generated earnings before interest and tax of €8 million. At 31 December 2016, Perstorp Belgium had gross assets of €21 million. The transaction represented a multiple of about nine times the 2016 EBITDA.
“The sale of Perstorp Belgium creates very good shareholder value,” says Perstorp president and CEO Jan Secher, "and is a natural step in our strategy of focusing on growing our core technology platforms. The transaction provides Perstorp Belgium and its employees with an opportunity to develop further within Synthomer."

www.synthomer.com