Plixxent: New provider of polyurethane systems solutions in Europe
Plixxent, a provider for polyurethane (PU) systems solutions, went into operation on 4 November 2019. With approximately 250 full-time employees at five locations in Europe, the group of companies covers the entire application range of PU systems.
The main purchasers are customers from the building materials industry, manufacturers of household devices, the furniture industry and the automotive sector. The group was formed out of four European system houses that parted ways with their former parent company Covestro in the summer of 2019. As of today, they are now operating jointly under the brand Plixxent in the market. The new owner is the US investor H.I.G. Capital. The transaction has closed on 1 November 2019.
"Plixxent is extremely well positioned as a partner for customers looking for high-performance, application-specific polyurethane technologies," said Dr. Jörg Schottek, the CEO of Plixxent Holding. "Together with our customers, we take a flexible, creative and individual approach in developing and improving products in terms of design, functionality and performance. We develop solutions that meet our customers' needs in every respect. On that basis we plan to expand our pan-European footprint in the coming years – leveraging organic growth and add-on acquisitions with the support of our owner."
Polyurethanes are everywhere. With their impressive range of properties and performance characteristics, polyurethanes are used in countless applications and industries. System houses develop and manufacture tailor-made, ready-to-use solutions to produce a broad spectrum of polyurethane products such as insulation materials, foams, shoe soles and building materials. The new company covers the entire value chain – from improving existing PU recipes, researching and formulating new product solutions, through to the establishment of more efficient processes and delivery cycles. These activities are complemented by services in plant safety, occupational safety and hazard prevention as well as training and expert assessments.
Plixxent has extensive and in-depth expertise in the development, manufacturing and processing of polyurethanes and flexibility in the procurement of raw materials. With its former parent company Covestro, a comprehensive contract for the supply of raw materials was signed. At the same time, components are purchased from other suppliers as well. This puts the system house in a position to significantly expand its product range as compared to the old structure.
The new company is currently represented at locations in Germany, Denmark, Italy, Spain and the Netherlands and has a European team with decades of experience. Pooling the expertise of the individual system houses will permit the capture of synergies and the full implementation of best practices. The management board will be headed by Dr. Jörg Schottek, an experienced manager in the chemical industry. He previously served as CEO with such companies as Hromatka Group Management, Albis Plastic and Krahn Chemie. In addition, he held numerous management positions with the plastics manufacturer Ticona (Celanese Group).