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Lenzing To Sell Plastics Business

Lenzing AG, Austria, reports it will sell 85 percent of its shares in Lenzing Plastics GmbH to a consortium led by Invest AG, the investment arm of the Raiffeisen Banking Group Upper Austria. The sale is part of Lenzing's strategy to focus on its core fiber manufacturing business, which represents 90 percent of consolidated sales.

"With this change of ownership we will enable the excellent company Lenzing Plastics to grow further and optimally exploit business opportunities under a new and experienced industrial owner," said Lenzing CEO Peter Untersperger.

Lenzing Plastics will continue to operate at the Lenzing site and utilize infrastructure services located there.

"We see outstanding future and development potential in this high-tech Upper Austrian company, and consider Lenzing AG to be an excellent partner to further develop the company," said Heinrich Schaller, CEO, Raiffeisenlandesbank Upper Austria.

Consortium members include Invest AG, Beteiligungsgesellschaft m.b.H. & Co. OG, Tyrol Equity AG, Lenzing Plastics Managing Director Johann Huber and former Lenzing AG Management Board Member Christian Reisinger.

May/June 2013