Covestro has completed the sale of its European polycarbonate sheets business to the Munich-based Serafin Group with effect from January 2, 2020. The business generated total sales of €130 million in 2018. Serafin will continue operations with 250 employees at all sites and Covestro will remain an important raw material supplier for the foreseeable future.
With the divestment, Covestro continues to optimize its portfolio. The sale follows the completed transactions in North America and India as well as the conversion of the Guangzhou (China) site to the exclusive production of specialty films. Covestro has thus completely divested the polycarbonate sheets business.
In the future, the polycarbonate sheets business will operate under the new company name Exolon Group. Under the umbrella of the Serafin Group, it will be managed as an independent, medium-sized company and will continue to focus on the production and sale of high-quality solid and multiwall sheets, which are used in the construction, lighting and mechanical engineering industries, among others.
