Perstorp Holding AB (Malmö, Sweden; www.perstorp.com) today announces the sale of its additives activities primarily serving the paints and coatings industry produced at its facility at Gent Belgium, Perstorp Oxo Belgium AB to Synthomer plc. The total consideration for the sale is €78 million (subject to certain adjustments). The divestment is in line with Perstorp’s strategy to focus on and expand its core chemicals activities.
Perstorp Belgium manufactures and markets a range of performance additives to a global customer base across a number of end-markets including paints and coatings and plastics. The business employs 41 employees at its Gent facility, who will all be transferred with the business. In the year to 31 December 2016, Perstorp Belgium generated earnings before interest and tax of €8 million. At 31 December 2016, Perstorp Belgium had gross assets of €21 million. The transaction represented a multiple of circa 9.0x 2016 EBITDA.