Solvay has signed a definitive agreement to sell its 58.77 % stake in its Thai subsidiary Vinythai PCL to AGC Asahi Glass. Thereby, Solvay stops its Asian polyvinyl chloride (PVC) activities.
The transaction is based on a total enterprise value of 16.5 billion Thai Baht (€ 435 million), representing a multiple of 8x mid-cycle EBITDA. Completion of the transaction is subject to customary closing conditions, including antitrust approvals, and is expected in the first half of 2017.
Vinythai PCL manufactures and distributes PVC, vinyl chloride monomer (VCM), chlorine, and other co-products such as caustic soda in Thailand. The company was founded in 1988. The second largest shareholder is PTT Global Chemical Public Company Ltd. It holds 24.98 % of the shares.
- Solvay, Brussels, Belgium
- Vinythai Public Co Ltd. (Vinythai PCL), Bangkok, Thailand
- AGC Asahi Glass (AGC), Tokyo, Japan
- PTT Global Chemical Public Company Ltd. (PTTGC), Bangkok, Thailand