One of Sun European Partners' subsidiaries has completed the sale of its stake in Elix Polymers, a European producer of ABS polymers (acrylonitrile-butadiene-styrene) and derivatives, to Sinochem International for $ 224 million.
Tarragona/Spain — Elix was acquired in 2012 by a subsidiary of Sun European Partners. Since the acquisition, Sun has overseen the transformation of the company from a production-oriented business unit of a large chemical conglomerate to an independent company with competitive products and services. The operational initiatives at Elix, including the introduction of lean manufacturing and commercial excellence, have led to a significant improvement in productivity, unprecedented customer satisfaction levels and a strong increase in sales, which quadrupled Ebitda under Sun's ownership, the company said.
The company sees Sionpec's new ownership as a great opportunity for international growth in the Asian market. So far, Elix has been focused on the European market and subsequently on growth in the Nafta region, in particular the North American and Mexican markets. The next step in the corporate strategy is aimed at Asia and China in particular.