Plastic Omnium SA has completed its deal to buy the remaining half of Inergy Automotive Systems from Solvay SA for 270 million euros ($350 million) in cash.
Plastic Omnium — based in Levallois, France — already owned the other half of Inergy, which bills itself as the world’s largest supplier of plastic fuel tanks and systems. Plastic Omnium had formed Inergy along with Brussels-based Solvay in 2000. Paris-based Inergy rang up sales of about 900 million euros ($1.2 billion) last year.
The sale “will allow Solvay to concentrate its efforts in automotive applications on developing and delivering high-added-value specialty polymers,” Solvay senior Executive Vice President Claude Thibaut de Maisieres said...