Solvay completes divestment of refrigerant activities in Germany to Daikin
Brussels, May 5, 2015 --- Solvay has completed the sale of its German-based refrigerant activities and pharma propellants to Daikin, as its Special Chem Global Business Unit (GBU) is refocusing its activities on selective high value-added segments in the growing automotive and electronics markets.
The divestment entails all of Special Chem’s businesses on its site in Frankfurt and the transfer of about 75 employees to Daikin.
Special Chem is the newly created GBU which groups Solvay’s GBUs Special Chemicals, Rare Earth Systems as well as the Fluorine Business of the Aroma Performance GBU. This combination enhances the GBU's innovation power and its position in fluor specialties, high purity electronic chemicals and auto-catalysts.
Special Chem is headquartered in Seoul, South Korea, with € 850 million in sales and 3,100 employees worldwide.
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).