Finproject of Italy Buys Polyolefin Cross-Linkable Compounds Business of Solvay:
Solvay has signed a definitive agreement to sell its polyolefin cross-linkable compounds business in Italy to family-owned group Finproject SpA.
“Following Solvay’s transformation, polyolefin cross-linkable compounds no longer fit within the portfolio of high-performance specialty polymers. Solvay has consistently grown the value of this business and its divestment contributes to the upgrade of Solvay’s specialties portfolio,” said Augusto Di Donfrancesco, President of Solvay’s Specialty Polymers Global Business Unit.
Based in Roccabianca, Parma, the business’ compounds are used in applications in the wire and cable, as well as pipe industries, generating sales of € 82 million in 2016.
Finproject is a leading manufacturer of injection molded foam, polyolefin-based compounds and PVC compounds.
The transaction is expected to close in the second quarter of 2017 and is subject to customary closing conditions.
About “Finproject“
A small company working in the footwear sector and specialising in what was then still the largely artisanal production of leather heels and insoles, V.b.p. revolutionised the market by introducing two major innovations, one-piece soles made from PVC-injected leather (George) and from TR thermoplastic rubber.
After ten years in business, V.b.p. had become one of Europe’s most important producers of soles, manufacturing and selling 2,500,000 pairs annually, and was already exporting its skills to over twenty countries.
The business grew rapidly, laying the foundations for the industrial model developed by Finproject: significant production specialisation in each factory, major ongoing investments in resources, competences, research and technology, and a desire for innovation and market expansion.
In the decade from 1970 to 1980, new production facilities were opened in Montecosaro, Ancarano, Morrovalle and Ascoli Piceno, and new companies were set up to manage the various lines of business.
New materials and applications introduced from 1980 onwards drove the Morrovalle-based group to a position of market leadership among foam manufacturers, breaking into new sectors and opening up international markets with products ranging from AIR WEIGHT® (patented in 1982), and AIRGUM® to the ultra lightweight XL EXTRALIGHT®, an exceptionally innovative closed cell foam that diversified production.
