Solvin decided to close down their manufacturing facilities in December 2005 and appointed Industrial Asset Management LLC,a US company to locate a buyer for the plants for relocation to another part of the world. TCI from Egypt has signed a purchase agreement with Solvin on March 7,2007 at Ludwigshafen, Germany.
Princeton Jct, NJ (PRWeb) March 11, 2007 -- rust Chemical Industries (TCI) signed an agreement with Solvin to purchase the 180 KT/Year PVC and 160 KT/year VCM facilities for relocation from Ludwigshafen, Germany to Port Said, Egypt.
TCI has a caustic soda plant based on membrane technology with a capacity of 200,000 tonnes per annum, which started operations a little over a year ago and are now putting up EDC,VCM and PVC manufacturing plants at the same location. The sales and Purchase agreement was facilitated by Industrial Asset Management, a leading US company in the business of trading in used process plants. IAM was hired by Solvin to locate a buyer for these plants which were shut down in December 2005.
Chemplast Sanmar is acquiring the entire chemicals business of TCI from Mr. Ismail M. Ismail who presently owns 100% of the company. This acquisition is a strategic move for Chemplast for assured and cost-effective raw material supplies to its Indian operations.
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