The International Chamber of Commerce's arbitration tribunal has determined that Edison, the former owner of Solvay's Spinetta Marengo and Bussi sul Tirino sites, is liable for breaching environmental representations and warranties in its sale to Solvay in 2001
The partial decision, issued on June 22, ordered Edison to compensate Solvay for over €90 million in losses and damages incurred up to the end of 2016. It reserved its decision on additional losses and damages from 2017 onwards, including the interest applicable to the amount awarded and the costs of litigation, for another possible phase of arbitration proceedings.
The decision comes after years of international arbitration by Solvay claiming that Edison is liable for breaches of the environmental conditions and provisions contained in the Share Purchase Agreement of December 2001. This agreement resulted in Solvay's acquisition in 2002 of the Italian company Ausimont SpA, which at that time was owned by (Mont)Edison.
The outcome of the arbitral sentence is very important for Solvay as it recognises the deliberate misrepresentations we experienced during the acquisition process. This did not prevent Solvay from undertaking necessary important remedial actions over many years. It’s a further illustration of our commitment to do what is right in terms of the environment and to pursue our rights when we consider that others are at fault.
At Solvay, we constantly strive to go above and beyond regulations with respect to health, safety and the environment. In recent years, we invested heavily in optimizing and modernizing our plants to meet the standards we set ourselves. Our sustainability priorities are guided by Solvay One Planet, our sustainability roadmap with ambitious targets to drive progress across climate, resources and a better life.
About Solvay
Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 23,000 employees in 64 countries, Solvay bonds people, ideas and elements to reinvent progress. The Group seeks to create sustainable shared value for all, notably through its Solvay One Planet plan crafted around three pillars: protecting the climate, preserving resources and fostering better life. The Group’s innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices, health care applications, water and air purification systems. Founded in 1863, Solvay today ranks among the world’s top three companies for the vast majority of its activities and delivered net sales of €9 billion in 2020. Solvay is listed on Euronext Brussels (SOLB) and Paris and in the United States, where its shares (SOLVY) are traded through a Level I ADR program. Learn more at www.solvay.com.