September 12, 2013 / 7:42 AM / 4 years ago

UPDATE 1-Tessenderlo sells UK PVC window and doorframe businesses

2 Min Read

* Completes sale of PVC profiles businesses

* Sale in line with focus on food, agriculture, water management

BRUSSELS, Sept 12 (Reuters) - Belgian chemicals manufacturer Tessenderlo Group said on Thursday it had sold its British PVC window and doorframe businesses to private investment firm H2 Equity Partners, completing the entire sale of these activities worldwide.

Tessenderlo said in a statement it was selling three production sites, a warehousing site, and 124 sales branches, employing 978 employees.

The activities, trading under the name Eurocell and making PVC products such as for doors and windows, had sales of 140 million pounds ($221.4 million) last year.

The divestment, for which it gave no financial details, is in line with Tessenderlo's strategy of focusing on speciality products and services in food, agriculture, water management and converting food waste into animal feed, fertiliser and biofuels.

Tessenderlo has previously sold its PVC window and doorframe activities in the United States, Canada and continental Europe.

Tessenderlo shares were up 1.5 percent at 18.98 euros at 0730 GMT, making them one of the strongest performers in a broadly flat Brussels stock market.

KBC Securities, which has a hold rating for Tessenderlo, said it estimated the sale price at 55-65 million euros

H2 Equity Partners, with offices in Amsterdam, London and Cologne, currently manages 18 companies with combined revenues of 2.5 billion euros and funds under management of about 500 million euros.

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