Creation of a new Global Business Unit Special Chem
Brussels, April 1st, 2015 --- In the context of simplifying and improving efficiency of its overall Group structure, Solvay announced today the creation of a new Global Business Unit that will integrate the GBUs Rare Earth Systems and Special Chemicals as well as the Fluorine Business* of GBU Aroma Performance.
The new GBU Special Chem with annual sales of about € 850 million and 3,100 employees worldwide in 2014 will be led by Hua Du and headquartered in Seoul, South Korea and will be reported within the Advanced Materials Operating Segment.
"With its increased scale and enhanced innovation capabilities, Solvay Special Chem is better positioned to capture growth opportunities, and will focus on leveraging our technology and market position in auto-catalysts and fluor specialties to drive new growth in targeted markets, namely in Automotive and Electronics", said Roger Kearns, member of Solvay Executive Committee.
This new business reporting will be effective as from April 1, 2015.
*For reference, the Fluorine business formerly included in the GBU Aroma Performance represented Net Sales close to € 30 million in 2014.
As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. Solvay generates 90% of its net sales in activities where it is among the world's top three players. It serves many markets, varying from energy and the environment to automotive and aeronautics or electricity and electronics, with one goal: to raise the performance of its clients and improve society's quality of life. The group is headquartered in Brussels, employs about 26,000 people in 52 countries and generated 10.2 billion euros in net sales in 2014. Solvay SA (SOLB.BE) is listed on EURONEXT Brussels and EURONEXT Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).