Belgian chemicals group Solvay has completed the sale of its 50% stake in plastics pipe system supplier Pipelife to joint venture partner Wienerberger, the companies said in separate statements Friday.
The deal, first announced in February, will give 50% shareholder Wienerberger, the world's largest brick producer, full control of Pipelife.
Wienerberger's takeover of Pipelife has secured the approval of antitrust authorities in the EU, Turkey and Russia.
Solvay said it received Eur172 million ($216 million) in cash for the Pipelife shares sold, including Eur10 million in special dividends.
Pipelife mainly produces plastic pipes, pipe systems and plastic dies.
It operates 27 plants in Europe and the US and employs around 2,650 staff globally.
In 2011, Pipelife reported revenues of Eur804.5 million and EBITDA of Eur68.9 million.
