Argosy signs agreement with Solvay to transition the Composite Materials business in the Asia Pacific region
Alpharetta, June 7th, 2018 ---Effective October 1, 2018, Argosy International Inc., and Solvay’s Composite Materials Business (previously Cytec) have entered into a definitive agreement to enable direct service of Solvay’s advanced materials business in the Asia Pacific region. The agreement also includes the purchase of certain Argosy assets that will be used to service the region.
Carmelo Lo Faro, President of Solvay Composite Materials Business, stated that “Solvay and Argosy have worked together for many years to serve the Asia Pacific region. With Solvay’s acquisition of Cytec, and its legacy of strong presence in Asia Pacific, the opportunity to further improve our service to the region and its customer base was clear to both parties. I am confident that our technology and operational leadership coupled with material qualifications on multiple platforms across the region will position our customers for continued growth.We look forward to rapidly implementing our direct business and serve our customers”
“After more than 26 years, we have helped grow Solvay's presence from a few customers to a major supplier in the Asia Pacific region – the world's fastest growing aerospace market,”said Paul Marks, CEO/Chairman of Argosy International. With Solvay's support, Argosy has helped win business on multiple Asian aerospace platforms.
Mr. Marks explained that specialty material distributors like Argosy work to get to an inflection point, where direct access to customers is both in the suppliers and customer's best interest. By moving customers back to Solvay, the customers will have access to direct service and innovation. He stated that “We understand the time has come for Solvay to handle their business directly in the vibrant and expanding markets of Asia. Argosy will work closely with Solvay to effect a seamless transition for the customers. Going forward, Argosy will focus its efforts on growing its honeycomb and coatings businesses. In addition, Argosy will be expanding through several new businesses which leverage Argosy’s competencies”.
Argosy and Solvay will work very closely to ensure a seamless transition for all customers and will be contacting customer to discuss the particulars of this transition over the next two months.
Solvay is an advanced materials and specialty chemicals company, committed to developing chemistry that addresses key societal challenges. Solvay innovates and partners with customers worldwide in many diverse end markets. Its products are used in planes, cars, batteries, smart and medical devices, as well as in mineral and oil and gas extraction, enhancing efficiency and sustainability. Its lightweighting materials promote cleaner mobility, its formulations optimize the use of resources and its performance chemicals improve air and water quality. Solvay is headquartered in Brussels with around 26,800 employees in 61 countries. Net sales were €10.1 billion in 2017, with 90% from activities where Solvay ranks among the world’s top 3 leaders, resulting in an EBITDA margin of 22%. Solvay SA (SOLB.BE) is listed on Euronext Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLB.BR) and in the United States its shares (SOLVY) are traded through a level-1 ADR program. Financial figures take into account the announced divestment of Polyamides.