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Lenzing sells majority stake in Lenzing Plastics

9:21 AM MDT | April 18, 2013 | Natasha Alperowicz

Lenzing (Lenzing, Austria) says it has agreed to sell an 85% stake in Lenzing Plastics (Lenzing) to an Austrian consortium led by Invest AG, the investment company of the Raiffeisen Banking Group Upper Austria (Linz). The valuation is close to eight times Ebitda multiples of the 2012 financial year. The divestment followed a competitive bidding process and forms part of Lenzing’s plans to concentrate on its fibers business.   Lenzing Plastics in 2012 reported sales of €109.4 million ($142.8 million) and Ebitda of €11.2 million. The...

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