Covestro divests EU urethane systems line

Covestro has agreed to sell its European systems house business, which provides tailor-made polyurethane products, to the private equity firm H.I.G Capital, for close to $100 million. The business has annual sales of about $250 million, 250 employees, and facilities in the Netherlands, Denmark, Spain, and Germany. Covestro sold a North American systems business in 2017. The firm will continue to operate its polyurethane systems house business in Asia but in Europe will act only as a raw materials supplier.