Solvay has signed a definitive agreement to sell its 58.77 percent stake in its Thai subsidiary Vinythai PCL to AGC Asahi Glass (AGC), thereby exiting its Asian polyvinyl chloride (PVC) activities.
The transaction is based on a total enterprise value of 16.5 billion Thai Baht (€ 435 million), representing a multiple of 8x mid-cycle EBITDA. Completion of the transaction is subject to customary closing conditions, including antitrust approvals, and is expected in the first half of 2017.