CLEVELAND, Dec. 4 -- PolyOne Corp. has divested its majority stake in So.F.teR S.p.A., a leading Italian compounder of thermoplastic materials, including thermoplastic elastomers (TPEs).
Under terms of the agreement, PolyOne has sold its 70% interest to an undisclosed Italian company headed by Dr. Italo Carfagnini, who will continue to serve as managing director of So.F.teR. The purchase price was not disclosed.
The agreement calls for PolyOne to have an exclusive technology and trademark license for production and sale of So.F.teR's Forprene thermoplastic vulcanizate technology in North America and Asia. It will also continue to distribute So.F.teR products to PolyOne customers in Europe. Also included in the deal is the potential for future technology development.
The relationship between PolyOne and So.F.teR dates back to 1998 when M.A. Hanna Co., which was merged with Geon to form PolyOne, entered into a joint venture with Bifan S.A., a holding company that controlled So.F.teR.
Headquartered in Forli, Italy, So.F.teR has three production facilities where it compounds a range of thermoplastics, including filled polyolefins, crosslinked polyethylene, TPEs, and its patented TPV product range. Its materials are used in the footwear, automotive, appliance, building materials, leisure, and appliance markets.