Belgian firm Solvay offers to buy bankrupt Plextronics in $32.6M deal
Solvay SA has bid to purchase printed electronics maker Plextronics Inc for $32.6 million. According to Plasticsnews.com, Plextronics has filed for Chapter 11 protection from its creditors on January 16, wrote Plastemart.
Solvay, a Brussels-based firm, owns a part of the Pittsburgh-based polymer maker. In 2011, the Belgian firm invested $15 million in Plextronics, which was spun from Carnegie Mellon University. Based on the bankruptcy court document filed, Solvay attempted to acquire Plextronics in 2010. However, the deal did not push through because Solvay's board did not grant its approval, the report detailed.
The Pittsburgh firm filed for Chapter 11 protection in Wilmington, Delaware's US Bankruptcy Court. Plextronics claimed assets worth $3 million against $33 million in debt. The company developed products such as light emitting diodes and organic photovoltaic cells for flat-screen displays, Plastemart reported.
Founded in 1863, Solvay is an international chemical company based in Brussels, Belgium. Its American subsidiary, Solvay America Inc, is headquartered in Houston, Texas, according to the company's web profile.