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Solvay to Sell Its Stake in Plastic Pipe Firm to Wienerberger

11:48 AM MST | February 16, 2012 | Sotirios Frantzanas

Solvay says it has agreed  to sell its 50% stake in polyvinyl chloride pipe systems supplier Pipelife (Vienna) to Wienerberger (Vienna). Solvay will receive €172 million ($224 million) in cash for its shares, including a dividend of €10 million, under the terms of the agreement. Solvay expects the enterprise value of the deal to be about €257 million, by taking into account assumption of liabilities such as pensions and other debt-like items of about €85 million, the company says. The deal is subject to antitrust...

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