Pearl Industries Overseas Ltd agreed to acquire remaining 51% stake in Pearl Covestro Polyurethane Systems FZCO from Covestro AG (XTRA:1COV) on February 25, 2021. The sale will generate proceeds in the mid-single-digit million euro range for Covestro AG. The divestment is part of Covestro's ongoing portfolio optimization process and marks a further step in the strategic focusing of the Polyurethanes segment. The transaction is subject to regulatory approval, the closing is expected in the first half of 2021.
Pearl Industries Overseas Ltd completed the acquisition of remaining 51% stake in Pearl Covestro Polyurethane Systems FZCO from Covestro AG (XTRA:1COV) on July 26, 2021.