Covestro has successfully completed the sale of its European polycarbonate sheet business to the Munich-based Serafin Group with effect from January 2, 2020. The sale includes central management and sales functions in Europe and production sites in Belgium and Italy. The business unit generated total sales of EUR 130 million in 2018. Serafin will continue operations with 250 employees at all locations. For the foreseeable future, Covestro will continue to act as an important supplier of raw materials.

With the divestment of the European polycarbonate sheet business, Covestro is continuing its ongoing portfolio optimization. The divestiture follows the transactions already completed in North America and India and the conversion of the Guangzhou site in China to produce only specialty films. Covestro has thus sold its polycarbonate sheet business in its entirety.

In the future, the former polycarbonate sheet business of Covestro will operate under the new company name Exolon Group (https://www.exolongroup.com/). Under the umbrella of the Serafin Group, the Exolon Group will be positioned as an independent, medium-sized company. By implementing a targeted strategy focused on customer needs and the core business, the company is expected to optimally exploit the growth potential in the market. As an independent company, the Exolon Group will continue to focus on the production and distribution of high-quality solid and multi-skin panels, which are used in the construction and lighting industry, as well as in the areas of mechanical engineering and mobility, among others.

Covestro and Serafin have agreed not to disclose the financial details of the transaction.