OpenGate sells Nakan to trade

In a binding offer agreed between the GP and the chemical corporation, Westlake is expected to pay around $265m in cash for the asset, according to a company announcement.

Westlake bought Nakan to expand its compounding business globally and add important speciality products and technology to its existing product portfolio.

The transaction is expected to close by early 2019, subject to regulatory approvals, completion of required employee consultation procedures and other customary closing conditions.

Company
Headquartered in Reims, France, Nakan produces chemical compounds for the automotive, medical, consumer goods and construction industries. It has eight production facilities, located in China, France, Germany, Italy, Japan, Mexico, Spain and Vietnam, as well as a research facility in France and a laboratory in the US.

The company generated around $300m in revenues in its most recent 12-month period.

People
Westlake Chemical Corporation – Albert Chao (president, CEO).

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