Solvay completes the sale to Wienerberger of its stake in Pipelife

For Solvay the deal represents an Enterprise Value of about EUR 257 million for its 50% stake when taking into account assumption of liabilities, including pensions and other debt-like items, for about EUR 85 million.

Solvay received in total EUR 172 million in cash for the shares including a special dividend of EUR 10 million.

Pipelife is one of the world's leading suppliers of plastic pipe systems. With 29 production plants and headquartered in Vienna, Austria, the company employs about 2.600 employees in 27 countries and realized about EUR 800 million in sales in 2011.

Wienerberger is the world’s largest brick producer (Porotherm, Poroton, Terca) as well as the market leader for clay roof tiles (Koramic, Tondach) in Europe and for concrete pavers (Semmelrock) in Central-East Europe. In pipe systems (Steinzeug-Keramo ceramic pipes and Pipelife plastic pipes), the company is one of the leading suppliers in Europe. With a network of 232 plants, Wienerberger generated revenues of EUR 1,555 million and operating EBITDA of EUR 214 million in the first nine months of 2011.

Solvay is an international chemical Group committed to sustainable development with a clear focus on innovation and operational excellence. It generates over 90% of its sales in markets where it is among the top three leaders. Solvay offers a broad range of products that contribute to improving the quality of life and the performance of its customers in markets such as consumer goods, construction, automotive, energy, water and environment, and electronics. The Group is headquartered in Brussels, employs about 29,000 people in 55 countries and generated EUR 12.7 billion in net sales in 2011. Solvay SA (SOLB.BE) is listed on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLBt.BR).

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