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Global private equity firm Advent International has agreed to sell Vinnolit Holdings GmbH, a German manufacturer of specialty PVC, to Westlake Chemical Corp. for €490 million (US$666.2 million). Westlake is a manufacturer of petrochemicals, polymers and building products headquartered in Houston, TX.
“The acquisition of Vinnolit is an excellent strategic fit for Westlake," said Albert Chao, Westlake’s president and CEO. "It will allow us to expand our chlorvinyl business globally and adds important specialty PVC products and technology to our existing portfolio.”
With 1,400 employees, Vinnolit operates from six facilities and had sales of €917 million (US$1.2 billion) in 2013.