Germany: Blackstone Acquires Acetow Solvay Sells Acetate Tow Business
Solvay has reached an agreement to sell its cellulose acetate tow business, Acetow, to private equity funds managed by Blackstone. The transaction is based on an enterprise value of about € 1 billion.
Brussels/Belgium — "The divestment of Acetow is another significant step in Solvay's transformation towards a multi-specialty chemical group with a higher growth profile," said Jean-Pierre Clamadieu, CEO of Solvay. The company expects to generate a capital gain of around € 150 million after tax. Completion of the transaction is expected in the first half of 2017 and is subject to the customary social procedures and approval by the relevant antitrust authorities.
Acetow is a cellulose acetate tow company operating in filtration applications in consumer goods as well as in plastic and textile. Headquartered in Freiburg, Germany, the manufacturer is a worldwide producer with five production sites.