On January 9, 2019 (Central European Time), Sinochem International Corporation (stock code: 600500) acquired Elix Polymers S.L., a European specialty engineering plastics manufacturer based in Spain. On the same day, all delivery procedures were completed in Madrid, and the first board and staff meetings following the acquisition were held. The transaction is reportedly the largest acquisition project completed by a Chinese-funded enterprise in the Spanish chemical industry in recent years.
Upon the investigation by antitrust agencies in Europe, Sinochem International (Overseas) Pte. Ltd., a wholly-owned subsidiary of Sinochem International, acquired a 100% stake in Global Arlington S.L.U from Elix Holdings S.À.R.L. via Sinochem Plastics (Spain) S.L., a company registered by Sinochem International (Overseas) in Spain with a shareholding of 75.87%. As Elix Polymers S.L. was wholly owned by Global Arlington S.L.U., Sinochem International thus gained actual control over Elix Polymers S.L.
Headquartered at the Tarragona Petrochemical Complex in Spain, Elix Polymers S.L. is a European leading company specializing in the manufacturing and R&D of customized ABS and ABS alloy and serving customers all around the world. It owns advanced production technology and processes, which enables it to provide a complete portfolio of high-quality ABS products widely used in the automotive, healthcare, consumer goods, and electronic appliances industries. Boasting a capacity of 170,000 tons, it accounts for up to 40% of share in the specialty ABS market in Europe.
The acquisition is considered of great strategic significance to Sinochem International’s operation around polymers and lightweight materials, as they represent a large market with high requirements for technical profile.