European Commission clears Perstop's acquisition of Solvay's Caprolactones unit

Solvay has received antitrust clearance from the European commission to sell its Caprolactones business to Perstorp, a specialty chemicals group from Sweden. The transaction was initially announced on October 15, 2007, followed by approval by the European Commission in early January 2008. The European Commission concluded that the deal would not distort competition within the European Union, since Perstorp has no Caprolactone production facilities. The EC also found that limited vertical integration with some existing Perstorp activities would have no anti-competitive consequences. The €200 mln (before tax) transaction has been accounted in Solvay's Q4 accounts. Specialty chemicals company PERSTORP is a Swedish-based is a world leader in the production of oxo chemicals and polyols, derived mainly from propylene and methanol. Perstorp´s products are used in the aerospace, marine, coatings, chemicals, plastics, engineering and construction industries. Perstorp currently employs approximately 1,800 people and has manufacturing units in ten countries in Asia, Europe, North and South America. In 2006, Perstorp achieved revenues of EUR 780 million.
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