Plastic Omnium signs definitive deal to buy out Inergy Automotive
Jul 29, 2010 (M&A Navigator via COMTEX) --
(C)2010 M&A Navigator
French plastic processing group Compagnie Plastic Omnium (EPA:POM) said
Wednesday it has agreed to buy the 50% stake of Belgian chemicals giant
Solvay (EBR:SOLB) in fuel systems maker Inergy Automotive Systems for
EUR270m (USD351m) and thus gain full control of the company.
The acquisition fits in with Plastic Omnium's strategy to keep control
over its industrial operations and expand in fast-growing regions, it
said in a statement.
The deal, subject to regulatory approval, is anticipated to close in
September or October.
As at end-June 2010, Inergy had net cash of EUR14m. The company, which
counts 4,000 employees, expects to generate revenue of EUR1.1bn in 2010.
Country: ; France
Sector: Motor Vehicles
Target: Inergy Automotive Systems
Buyer: Compagnie Plastic Omnium SA
Vendor: Solvay SA
Deal size in USD: 351m
Type: Corporate acquisition
Status: Agreed
((Distributed via M2 Communications - http://www.m2.com))
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