Covestro Completes Sale of U.S. Sheets Business to Plaskolite
Covestro says it determined that its polycarbonates sheets business would not be a strategic fit for its polycarbonates segment in the long run.
Germany-based Covestro, a high-performance plastic sheeting manufacturer, announces that it has closed the sale of its polycarbonates sheets business to Columbus, Ohio-based Plaskolite LLC, a manufacturer of continuously processed acrylic sheet products.
That portion of Covestro’s business is located in Sheffield, Massachusetts, and Plaskolite says it will continue operating the facility, which generated sales of about $170 million in 2017.
The sale of the sheets business is part of Covestro’s efforts to optimize its portfolio, the company says. After thorough evaluation, the company has decided that the sheets business will not be a strategic fit for its polycarbonates segment in the long run. Besides the sale of the U.S. sheets business, Covestro has also sold its sheets business in India, and is transferring its production in Guangzhou, China, into a specialty films site.
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