Ghent, Belgium, July 1—The Belgian manufacturing company Domo will spin off and sell its chemicals and polymers business in order to focus on its remaining floorcoverings and fiber and yarn businesses.
More than 90% of the nylons and polypropylenes that Domo produces are now sold to third party customers. Domo uses the rest for its own production.
The company said in a statement that the spin off and sale will enable the remaining floorcoverings and fiber and yarn businesses to be in a "strong position to participate in the necessary restructuring and consolidation of the floor coverings sector in Europe and to develop new business opportunities."
The company said its floorcovering division is experiencing declining revenues due to weak economic conditions in Europe.
Investors have already approached Domo regarding the sale of its chemicals and polymers business, according to the company.
