Baalbaki Chemical Industries, the chemicals subsidiary of Lebanese group, Unimetco Holding, announced it has acquired the 'going concern' of Italian polyurethane systems manufacturer, Polysystem.
A going concern is a company that has the resources needed in order to continue to operate indefinitely, according to Investopedia. If a company is not a going concern, it means the company has gone bankrupt.
BCI Holding will own 70% of Polysystem; however, additional financial details about the deal are yet to be disclosed.
Group chairman of Baalbaki, Dr Ihsan Baalbaki, said: "The business will be integrated within our European subsidiary BCI‐Polyurethanes Europe, which we have established jointly with our local partners the Dollmar Group.
"With our polyester polyol integration; newly appointed and existing experienced management team; and long term dedication to the industry; we are ideally positioned to serve this market.
BCI has manufacturing facilities in the UAE, Egypt, and Italy, and operates across the Middle East region.