Vestolit: Management now has stake in Vestolit.
Ownership of Vestolit, the 400,000tpa PVC manufacturer based at Marl, in Germany, is changing in a deal due for completion by the end of the year. Strategic Value Partners, a private equity company based in Greenwich, Connecticut, together with company management, have agreed to buy the shareholding held by a financial consortium led by Candover for an undisclosed sum. The new owners plan to commit more than €100m over the next three years to expand the business. New membrane technology for chlorine and additional PVC capacity, to take it beyond the 400,000tpa mark, have been made priorities. The deal has been welcomed by Vestolit ceo Dr Arno Knebelkamp who says the company aims to expand its position in the European market. Strategic Value Partners holds investments valued at $3.5bn and employs 90 people. The company says that it plans to secure Vestolit’s “top European position” based on the integrated PVC production centre at Marl.