Kuraray completes divestiture of former DuPont European PVB film business
Kuraray Co., Ltd. (TSE:3405) reached an agreement to sell the European PVB film business formerly owned by European subsidiaries of E. I. du Pont de Nemours and Company (“DuPont”), including the production facility in Uentrop and the R&D center in Mechelen for enterprise value of circa 12 million EUR with adjustments for net cash/debt balance and net working capital upon closing to GVC S.A. which is a subsidiary company of GVC Holdings, Inc. The transaction was undertaken to comply with the European Commission’s conditional approval of the acquisition of the Glass Laminating Solutions / Vinyls Business from DuPont by Kuraray, which closed on June 1st, 2014 (U.S. local time).
The transaction is anticipated to close in January 2015, after customary regulatory approvals. The transaction’s closure is also conditional upon the European Commission’s approval.
The impact of the transaction on consolidated results for the fiscal year ending December 2014 is currently being quantified and will be disclosed after this assessment has been completed.