International. Perstorp has announced the sale to Synthomer of its additive activities that mainly serve the paints and coatings industry produced at its facility in Gent Belgium, Perstorp Belgium.
Perstorp Belgium manufactures and markets a range of performance additives for a global customer base across a number of end markets, including paints and coatings and plastics. The company employs 41 employees at its Gent facility, who will be transferred with the business. In the year to 31 December 2016, Perstorp Belgium generated a profit before interest and tax of €8 million. As of 31 December 2016, Perstorp Belgium had a gross asset of €21 million. The transaction represented a multiple of around 9.0x of EBITDA 2016.
"The sale of Perstorp Belgium creates very good shareholder value and is a natural step in our strategy to focus on growing our core technology platforms. The transaction offers Perstorp Belgium and its employees the opportunity to further develop within Synthomer," said Jan Secher, President and CEO of Perstorp.
