Solutia adds Etimex EVA to its photovoltaic line-up
US-based Solutia has agreed to buy German specialty polymer materials company Etimex Solar, which is controlled by private equity group Alpha Gruppe.
By Chris Smith
Posted 1 March 2010
Etimex Solar is a supplier of ethylene vinyl acetate (EVA) encapsulants to the solar photovoltaics market. Its VistaSolar products, which are manufactured in Dietenheim in Germany, include ultra fast curing EVA films and a newer range of thermoplastic polyurethane (TPU) films.
Solutia is to pay €240m for the business, which reported 2009 net income of $31m (€23m) and EBITDA of approximately $34m (€25m).
The US company said combining Etimex’s EVA capabilities with its existing Saflex polyvinyl butyral (PVB) encapsulants will position it as a one-stop source for solar encapsulant solutions.
"This acquisition is a solid step forward that strengthens our core competencies, expands our end markets and supports Solutia's growth strategy," said Jeffry N Quinn, chairman, president and CEO of Solutia.
"Renewable energy is an acknowledged source of long-term growth that fits well with Solutia's businesses, and the combination of EVA and PVB encapsulant manufacturing capabilities will result in access to additional opportunities,” he said.
The transaction is expected to close during the second quarter of 2010.
Solutia reported sales of $1.67bn (€1.23bn) for 2009, down by 21% on its 2008 result of $2.11bn (€1.57bn). EBITDA was down by 2% to $386m (€286m).
The company’s business includes the Saflex PVB glazing interlayer and CP Films automotive and architectural window films product lines, as well as the Flexsys rubber chemicals and Therminol and Skydrol specialty fluids units.
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