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Issue 6 2021 - Covestro sells joint venture shares in Dubai Systems Materials

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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Covestro sells joint venture shares in Dubai Systems Materials

Covestro has signed an agreement to sell its 51% stake in joint venture Pearl Covestro Polyurethane Systems FZCO to current co-shareholder Pearl Overseas Industries, which operates a systems business
in Dubai, UAE.
Pearl Industries will acquire the remaining shares of the company from its former joint venture partner Covestro, giving the company 100% ownership
.

The new independent company is succeeded as CEO by former Bayer executive Martin Kruczinna, which has been renamed Pearl Polyurethane Systems
.
The transaction will generate a gain
of around €1 million (mid-single-digit million euro).
The transaction is expected to close
in the first half of 2021.
The two parties reaffirmed their ongoing relationship
through a long-term supply and technical services agreement.
Under the signed contract, Covestro will remain the main supplier of
polyurethane raw materials.

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