MOSCOW (MRC) -- Sun European Partners, LLP has announced that one of its affiliates has completed the sale of its investment in ELIX Polymers, a leading manufacturer of ABS (Acrylonitrile-Butadiene-Styrene) resins and derivatives in Europe, to Sinochem International (Overseas) Pte. Ltd. for an enterprise value of EUR195 million, as per the company's press release.
ELIX was acquired by an affiliate of Sun European Partners in 2012. Since its acquisition, Sun has overseen the transformation of the company from operating as a production-focused unit of a large chemicals conglomerate into a European standalone market leader with a best-in-class product and service offering. Operational initiatives at ELIX, including the introduction of lean manufacturing and commercial excellence, led to a considerable jump in productivity, record levels of customer satisfaction and strong sales increase, resulting in EBITDA quadrupling during Sun’s ownership.
Lionel de Posson, Managing Director at Sun European Partners, said: "We are pleased to have completed our sale of ELIX. The progress made by the company during our ownership allowed for a successful exit and we continue to actively seek further investments in Spain."
ELIX Polymers now begins a new stage in its more than 40 years of history under new Chinese ownership and they consider this a great opportunity for international growth in the Asian market. From the outset, ELIX has focused on the European market and subsequently growth in the NAFTA region, specifically in North America and Mexico. The next step agreed within its business strategy was to target Asia and China in particular.
The integration of ELIX into a chemical group as important as Sinochem International will enable them to position the brand quickly in the Asian market and strengthen it in the European and American markets.
As MRC reported before, in June 2018, ELIX Polymers, a thermoplastics manufacturer located in Tarragona's Poligono Sur industrial complex, announced a new investment amounting to 4 million euros, whose objective is to optimize its ABS powder production facilities. The company began executing this new project in 2018, which it will continue to develop and consolidate throughout the year of 2019.
ELIX Polymers is one of the most important manufacturers of ABS resins and derivatives in Europe, with 40 years of experience in engineering plastics and an installed capacity of 180,000/year from their plant in Tarragona (Spain) to the world. The operation starts in 1975, when the Tarragona ABS and SAN production plant was inaugurated.