Advent sells PVC maker Vinnolit after 14-year holding period

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PVC powder VinnolitGlobal buyout house Advent International has agreed to sell PVC maker Vinnolit to Westlake Chemical Corp in a €490m deal.

Advent bought Vinnolit and its sister subsidiary Vintron from chemical multinationals Celanese and Wacker Chemie way back in 2000.

Germany-based Vinnolit generated revenues of €917m last year and employs about 1,400 people.

Apollo general manager Ranjan Sen said, “We are delighted with the successful development of Vinnolit and thank its management team and the company’s employees for their cooperation and dedication throughout our investment.

“Vinnolit is well positioned to successfully expand its leadership position in specialty PVC further under the new ownership of Westlake.”

The deal is expected to close in the third quarter of this year.

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