Jan 2 2008
Bayer MaterialScience has sold a part of its unsaturated polyester resins business to the Italian company Veneziani S.p.A.. The products involved in the transaction are used primarily for the formulation of wood finishes. Bayer MaterialScience is thus divesting some selected product grades that no longer fit in with its overall long-term portfolio.
The sale will be completed by the end of this year. Financial details of the transaction were not disclosed. Bayer MaterialScience's full range of unsaturated polyesters is grouped together under the name Roskydal®. Neither this brand, nor any production plants, nor workforce will be affected by the transaction, because the majority of the business will be continued by Viverso, a fully owned subsidiary of Bayer MaterialScience. Veneziani S.p.A. carries on marketing the products in the accustomed high quality and thus ensures continuity in the supply of its customers.
The Veneziani Group has facilities for the production of engineering polymers - including unsaturated polyesters - at its site in Garbagnate, Italy. It is one of the leading suppliers of raw materials, particularly for applications in the field of corrosion protection. The company, which also has a production site in Castelnuovo B. D’Adda, employs 145 people and reached sales in 2007 of 56 million euros.