Pipelife stake disposal

Solvay and Wienerberger have completed the sale of Solvay’s 50% stake in Pipelife, one of the world’s leading suppliers of plastic pipe systems, to Wienerberger.

For Solvay the deal represents an Enterprise Value of about EUR 257 million for its 50% stake when taking into account assumption of liabilities, including pensions and other debt-like items, for about EUR 85 million.

Solvay received in total EUR 172 million in cash for the shares including a special dividend of EUR 10 million.

Pipelife is one of the world’s leading suppliers of plastic pipe systems. With 29 production plants and headquartered in Vienna, Austria, the company employs about 2.600 employees in 27 countries and realized about EUR 800 million in sales in 2011.

Wienerberger is the world’s largest brick producer (Porotherm, Poroton, Terca) as well as the market leader for clay roof tiles (Koramic, Tondach) in Europe and for concrete pavers (Semmelrock) in Central-East Europe. In pipe systems (Steinzeug-Keramo ceramic pipes and Pipelife plastic pipes), the company is one of the leading suppliers in Europe. With a network of 232 plants, Wienerberger generated revenues of EUR 1,555 million and operating EBITDA of EUR 214 million in the first nine months of 2011.

Alix Frank Rechtsanwälte GmbH acted on behalf of Wienerberger Group on the deal, reinforcing a long lasting relationship spanning 25 years. Senior Partner Alix Frank-Thomasser led the team consisting of Franz J. Heidinger (partner), Zuzanna Noetstaller (junior partner) and Georg Schuh (associate).