The private equity firm Sun European Partners has reached a final agreement to sell Elix Polymers to the Chinese corporation Sinochem International for 195 million euros. The deal was announced on the websites of the London-based Sun European Partners and the Spanish company through a single press release. The deal is subject to approval by the competent regulatory bodies.

The resin and ABS derivatives manufacturer Elix Polymers, based in Tarragona, makes products for diverse sectors, such as the healthcare, automotive and consumer product industries. Since 2012 it has been owned by Sun European Partners, which has optimized production by the introduction of lean manufacturing and commercial excellence. This has allowed the company to increase in its productivity significantly, achieve record levels of customer satisfaction and boost sales to four times its EBITDA.

Sinochem is mainly dedicated to the production and sale of chemical products and fertilizers, as well as oil exploration and production.

Upcoming investments in Spain
"The progress achieved by Elix Polymers under Sun's management is a matter of enormous satisfaction for us and we would like its success to continue under the new owners," explained Lionel de Posson, managing director of Sun European Partners. "Spain is an attractive market for Sun and we are going to invest more in this country."

For Elix Polymers, its CEO Wolfgang Doering, added: "It is the next great step for Elix Polymers, as we hope to build on the sound platform that Sun has helped us develop during its management."