Highsun Group Holdings Ltd. announces the acquisition of Fibrant

5/17/2018

Urmond, 17 May 2018 - ChemicaInvest and Highsun Group have today signed an agreement for Highsun Group to acquire Fibrant. ChemicaInvest, a joint venture between CVC Capital Partners and Royal DSM, is the current owner of Fibrant. The agreement covers all the shares in Fibrant BV, the caprolactam plant in Geleen (the Netherlands) and 60% of the shares in Fibrant Co. Ltd., the caprolactam plant in Nanjing (China). The intended acquisition is expected to be completed in the third quarter of 2018, subject to customary regulatory approvals. The agreement is also subject to completion of the consultation process with the Fibrant works council.

The main points of the transaction are:

  • Highsun Group intends to acquire Fibrant BV and 60% of Fibrant Co. Ltd. The remaining 40% of Fibrant Co. Ltd. is to be retained by the  existing owner of those shares.
  • The selling party is Fibrant Holding BV. Via Chemicalnvest, CVC holds 65% of the shares of Fibrant Holding BV and DSM 35%.
  • The transaction includes the plants in Geleen (the Netherlands) and Nanjing (China) as well as their employees. In addition to the subsidiaries Fibrant BV and Fibrant Co. Ltd., their participating interests in other companies are also included within the transaction, such as Fibrant BV’s minority interest in Sitech, a technical service provider in Geleen (the Netherlands). Fibrant LLC (USA) is excluded.
  • The existing management of Fibrant will remain unchanged.
  • All employees of Fibrant form part of the transaction, with the exception of the employees of Fibrant LLC (USA).
  • Closing is expected in Q3 2018.

Pol Deturck, CEO of Fibrant, commented: ‘Becoming part of a large and integrated international player will allow Fibrant to remain successful in the long term. A careful process preceded the envisaged acquisition. Fibrant joining the Highsun Group, a leading producer of caprolactam and nylon, will benefit our customers, our suppliers and our employees and will create value for the shareholders.’

Chen Jianlong, Chairman of Highsun Group, added: ‘Through this planned acquisition, we will realise a new step in our ambition to become a leading player in the nylon 6 value chain. Fibrant’s reputation for product quality, global service and sustainable technology will make an important contribution to that.’