Leverkusen, Germany — Covestro has sold its European systems house business to HIG Capital, an investment company, for a 'high double digit euro million sum'.
The business has about EUR 230m/year sales. It employs 250 people at sites in the Netherlands, Denmark, Spain and Germany.
Covestro said its strategy was to remain a materials supplier to the sites, but would concentrate on a 'centralised approach' in Europe, according to CFO Thomas Toepfer. He added: 'Our focus is future growth and value creation.'
HIG said that the businesses it has acquired will continue to focus on 'mid-sized customers'.
Holger Kleingarn, HIG's managing director, said he planned to 'expand the newly acquired business organically and through add-on acquisitions'.
HIG said that Jorg Schottek, who left Albis, a polymer distributor and compounder, in 2015, and recently worked at MCF Capital Finance, will run the business.5.
The deal, which follows Covestro's exit from spray foam in North America in 2017, should complete this year, Covestro said. It added that it will still operate systems houses in Asia.
