The Treofan Group, one of the world's leading makers of high performance BOPP film, has agreed the sale of Treofan Benelux S.A. to Crystal Amaranth S.a.r.l. Treofan Benelux S.A. owns a production site in Liège, Belgium, with about 100 employees. 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, with many years of experience in the sector. No financials were disclosed.
"The sale helps us focus our business more sharply on specialty BOPP film, and is thus a logical step in our overall long-term strategy, said Carlo Ranucci, the CEO of the Treofan Group. "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.
"We are delighted to have agreed this deal and look forward to a productive partnership with Treofan in the years to come, said Gabriel Catania of Crystal Amaranth.