Sun European Partners, LLP has announced that an affiliate has completed the sale of its investment in ELIX Polymers, a leading manufacturer of ABS resins and derivatives in Europe, to Sinochem International for €195m.
Polymers
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ELIX was acquired by an affiliate of Sun European Partners in 2012. Since then acquisition, Sun has overseen its transformation from a production-focused unit of a large chemicals conglomerate, to a standalone market leader with a best-in-class product and service offering.
Operational initiatives at ELIX, including the introduction of lean manufacturing and commercial excellence, led to a considerable jump in productivity, record levels of customer satisfaction, and strong increase in sales.
Lionel de Posson, Managing Director at Sun European Partners, said: “We are pleased to have completed our sale of ELIX. The progress made by the company during our ownership allowed for a successful exit and we continue to actively seek further investments in Spain.”
ELIX Polymers now begins a new stage in its more than 40 years of history under new Chinese ownership and they consider this a great opportunity for international growth in the Asian market.
From the outset, ELIX has focused on the European market and subsequently growth in the NAFTA region, specifically in North America and Mexico. The next step agreed within its business strategy was to target Asia and China in particular.
The integration of ELIX into a chemical group as important as Sinochem International will enable them to position the brand quickly in the Asian market, whilst strengthening it in both the European and American markets.
