Germany-based Treofan Group, global maker of high performance BOPP film, has agreed for the sale of Treofan Benelux S.A. to Crystal Amaranth S.a.r.l. Treofan Benelux owns a production site in Liège, Belgium.
Luxemburg-based Crystal Amaranth S.a.r.l. is controlled by Gabriel Catania, and Rens Korevaar respectively former senior executive and senior manager of ExxonMobil Chemical Films Europe.
Treofan Group CEO Carlo Ranucci stated that the sale helps them to focus their business more sharply on specialty BOPP film, and is thus a logical step in overall long-term strategy. This deal puts the Belgian asset into expert hands and helps secure the future of the Liège site.
After the transaction, Treofan will maintain close ties with the Belgian company through a ‘tolling’ agreement for the production of up to 20,000 tons of BOPP film per annum and a distribution agreement for certain Treofan products.
Together with a number of other measures, this agreement creates a significant degree of stability for the Belgian operation and its employees, while giving the new owners the opportunity to develop new production and distribution strategies.