Posted in | News | Plastics and Polymers | Business | Automotive Materials

Kendrion Agrees to Sell Automotive Plastics Group

May 28 2004

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Kendrion N.V. announces that it has entered into a pre-contract with an international group concerning the acquisition of the remaining Automotive Plastics activities of Kendrion. These activities are located in Germany, Portugal, Spain and the Czech Republic, have a turnover of EUR 240 million and 1,800 employees.

Parties aim to negotiate and sign the final purchase agreement in the third quarter of 2004 after satisfactory due diligence review. Closing of the transaction will be subject to customary closing conditions including approval by the competent antitrust authorities.

This divestment of Automotive Plastics fits in the strategy of Kendrion, which focuses on specific core activities in business-to-business markets. The divestment will also lead to an important reduction of the outstanding debt of Kendrion.

For more information on plastics used in the automotive industry, click here.

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