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Perstorp, a global leader in speciality chemicals, has agreed to sell Capa™, its caprolactone business, including the production site in Warrington, UK, to Ingevity for approximately €590M. The business has annual revenues of approximately €150M. Under Perstorp’s leadership during the last 10 years, Capa’s operating margins have increased by almost 50% by investing in production and new product lines, which in turn have increased both the customer base and the geographic reach. This has made Capa a highly attractive asset, gaining interest among several potential buyers of which Ingevity now will be the new owner to continue to develop the long-term value of the business. Ingevity will acquire Perstorp UK Ltd including Perstorp’s entire caprolactone business. The sale of Capa will unlock significant value and is in line with Perstorp’s track record of successful divestments, such as most recently the BioFuels Business and in 2017, the Belgian site in Gent. It will furthermore enable the Perstorp Group to focus its business opportunities and future growth prospects on its Polyol, Oxo and Feed businesses, maximising opportunities such as;
Jan Secher, President and CEO of Perstorp, commented: "We have a strong track record in delivering optimum value from our businesses. Capa is an excellent proof of this and where the business will continue to have a bright future. This sale realises the significant value of the asset, simplifies Perstorp Group, strengthens our balance sheet and allows us to focus our future investment and innovation in attractive high growth segments. Our strategy remains to leverage Perstorp’s superior positions and expertise in chemistry and engineering to drive innovation and provide our customers with solutions that advance everyday life.” "The Capa business fits Ingevity’s strategy and financial profile and aligns with our business model and capabilities,” said Michael Wilson, Ingevity President and CEO. "Like our current businesses, Capa is a high value-added, speciality chemicals business driven by technology-based customer partnerships and focused on high-growth end-markets. In addition, Capa will increase Ingevity’s product and geographic diversity and offers the potential to grow in related strategically-targeted market segments. The transaction is subject to certain regulatory approvals and other customary closing conditions and Perstorp expects to close the transaction in Q1, 2019. HSBC Bank plc acted as financial adviser and Allen & Overy acted as legal counsel to Perstorp. 
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