The group is selling its last plastics business to Flex-N-Gate for E430m

The group is selling its last plastics business to Flex-N-Gate for E430m

German-based MG Technologies is to exit the plastics industry with the sale of Dynamit Nobel Kunststoff. The company agreed yesterday to sell the business to US automotive supplier Flex-N-Gate for E430m.

DNK supplies thermoplastic and thermoset mouldings to the automotive market. Its products include bumpers, tailgates and dashboards for carmakers including Ford, Nissan, Toyota, Audi and Skoda. The company employs 5,000 people at 22 factories in Europe and two sites in Argentina. The E876m turnover company has 12 European sites moulding in thermosets and 12 thermoplastics sites.

Plastics supplier Flex-N-Gate has 37 sites across the Americas, and plans to strengthen its European presence with the acquisition. The sale is expected to go through in the third quarter of the year. The DNK sale follows the disposal of MG’s other Dynamit Nobel chemicals businesses last month for E2.2bn.