Leverkusen, Germany – Covestro AG will sell its European Systems House business to the US private equity and alternative assets investment firm HIG Capital in a move to streamline its business.
The system houses are part of Covestro’s polyurethanes segment and offer tailor-made polyurethanes systems for customers.
The European Systems Houses business has facilities in the Netherlands, Denmark, Spain, Germany and Italy.
The business has approximately 250 employees and generates annual sales of €230 million ($258.5 million).
Proceeds for the sale will be in “high-double-digit euro million range,” according…