Solvay to exit refrigerants with sale of Frankfurt businesses to Daikin
Brussels, January 30, 2015 --- Solvay has agreed to sell its German-based refrigerant business and pharma propellants to Daikin in Japan, as its Special Chemicals Global Business Unit is gearing its activities towards selective high value-added segments in fluorine specialties and high purity chemicals.
Solvay’s Global Business Unit (GBU) Special Chemicals will divest all of its businesses on its site in Frankfurt. About 75 employees will be transferred to Daikin. Completion of the transaction is subject to customary closing conditions, including regulatory clearance in Germany and Austria.
“The past 18 months have shown Solvay Special Chemicals' good progress in the execution of its refocused growth strategy. Portfolio reviews will continue to single out markets that require distinctive know-how, looking to reinforce our innovations and develop as a niche player along with our partners," said Bernd Wilkes, President of Solvay’s GBU Special Chemicals.
The sale of the Frankfurt businesses follows the exit of the Life-Science activities in 2013. Since then, Special Chemicals has been focusing on fluor specialities with a new facility in Germany serving applications in the agrochemical industry and expanded production capacity in China to support strong growth in the electronics industry. It recently strengthened its aluminum brazing capabilities and products with the acquisition of German Flux Schweiß- und Lötstoffe.