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Saint-Gobain Performance Plastics has signed an agreement with Belgium-based materials and coatings company Bekaert to buy Bekaert’s speciality films business, which operates under the name Solar Gard Specialty Films.
The transaction covers Solar Gard’s production facilities in San Diego, California, USA; Zulte, Belgium; and Suzhou, China.
Headquartered in Aurora, Ohio, USA, Saint-Gobain Performance Plastics is part of the Saint-Gobain group of companies. Bekaert acquired the Specialty Films business in 2001. "While the business continued to grow successfully, technological synergies within Bekaert have proven to be limited over time,” the company said in a press release. "The future growth of Solar Gard can therefore be best secured within the Saint-Gobain group that sees significant product and market synergies for Solar Gard with its innovative materials businesses.”
The deal is expected to be closed before the end of 2011. Bekaert expects the transaction to result in a capital gain of approximately €10M, and in a reduction of Bekaert’s consolidated net debt of approximately €80M.
Solar Gard makes coated window films and other speciality films for automotive, architectural, photovoltaic and custom coating applications.