TOKYO, Japan, Kuraray Co., Ltd. (“Kuraray”, TSE:3405) reached an agreement to sell the European PVB film business formerly owned by European subsidiaries of E. I. du Pont de Nemours and Company (“DuPont”)
Divestiture of the
Former DuPont European
PVB Film Business
TOKYO, Japan, Kuraray Co., Ltd. (“Kuraray”, TSE:3405) reached an agreement to sell the European PVB film business formerly owned by European subsidiaries of E. I. du Pont de Nemours and Company (“DuPont”), including the production facility in Uentrop and the R&D center in Mechelen (the “Transaction”) for enterprise value of circa EUR 12 million with adjustments for net cash/debt balance and net working capital upon closing to GVC S.A. which is a subsidiary company of GVC Holdings, Inc. The Transaction was undertaken to comply with the European Commission’s conditional approval of the acquisition of the Glass Laminating Solutions / Vinyls Business from DuPont by Kuraray, which closed on June 1st, 2014 (U.S. local time).
The Transaction is anticipated to close in January 2015, after customary regulatory approvals. The Transaction’s closure is also conditional upon the European Commission’s approval.
The impact of the Transaction on consolidated results for the fiscal year ending December 2014 is currently being quantified and will be disclosed after this assessment has been completed.
Profile of Kuraray
Name: Kuraray Co., Ltd.
Headquarter: Chiyoda-ku, Tokyo, JAPAN
Representative: Fumio Ito
Business: Manufacturing and sales of chemicals and resins, fibers and textiles, high performance materials, medical products and others.
Profile of GVC S.A.
Name: GVC S.A.
Representative: Dr. Greg Parekh
Business: Investment management of European companies, and operation of their business.
Profile of GVC Holings, Inc.
Name: GVC Holings, Inc.
Headquarter: Montavale, New Jersey, USA
Representative: H. Aaron Parekh
Business: Investment management with a focus on chemical and healthcare sectors.