Perstorp Sells Belgian Coating Adhesives Manufacturing Plant to Synthomer Plc

Perstorp (Perstorp Holding AB), a specialty chemical innovator and supplier serving primarily the paints and coatings sector through adhesives produced at its facilities in Gent, Belgium, announced today the sale of its adhesive manufacturing operations to Synthomer (Synthomer plc). The total consideration for the sale is EUR 78 million (subject to certain adjustments). This divestment was executed in line with Perstorp's strategy to focus on and expand its core chemical operations. Perstorp Belgium manufactures and markets high-performance adhesives to a global customer base across a range of target markets including paints and coatings and plastics. All 41 employees at the company's Gent facility will be transferred to the new company. As of 31 December 2016, Perstorp Belgium generated EBIT of EUR 8 million. Gross assets of Perstorp Belgium as of 31 December 2016 reached EUR 21 million. The sale transaction corresponds to approximately 9.0x 2016 EBITDA. Jan Secher, President & CEO of Perstorp, commented on the sale transaction: "The sale of Perstorp Belgium created substantial shareholder value and represents a natural step in our strategy to focus on growing our core technology platforms. This sale transaction provides Perstorp Belgium and its employees with opportunities for development within Synthomer."