Advent to Sell PVC Maker Vinnolit to Westlake Chemical
May 29, 2014
Advent International has agreed to sell specialty PVC maker Vinnolit Holdings to Westlake Chemical for €490 million ($666 million). Acquired by Advent in 2000, Vinnolit operates six production facilities, employing 1,400 and generating sales of €917 million ($1.25 billion) in 2013. Under the firm's ownership, the company invested around €1 billion ($1.36 billion) in modernization and expansion of its production footprint in Europe, as well as in R&D. It also converted its chlor-alkali-electrolysis plants to environmentally friendly membrane tech, increasing energy efficiency and reducing emissions.