Solvay to sell its polyolefin cross-linkable compounds business
"Following Solvay’s transformation, polyolefin cross-linkable compounds no longer fit within the portfolio of high-performance specialty polymers. Solvay has consistently grown the value of this business and its divestment contributes to the upgrade of Solvay's specialties portfolio," said Augusto Di Donfrancesco, President of Solvay’s Specialty Polymers Global Business Unit.
Based in Roccabianca, Parma, the business' compounds are used in applications in the wire and cable, as well as pipe industries, generating sales of € 82 million in 2016.
Finproject is a leading manufacturer of injection molded foam, polyolefin-based compounds and PVC compounds.
The transaction is expected to close in the second quarter of 2017 and is subject to customary closing conditions.
Solvay is a multi-specialty chemical company, committed to developing chemistry that addresses key societal challenges. Solvay innovates and partners with customers in diverse global end markets. Its products and solutions are used in planes, cars, smart and medical devices, batteries, in mineral and oil extraction, among many other applications promoting sustainability. Its lightweighting materials enhance 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 27,000 employees in 58 countries. Net sales were € 10.9 billion in 2016, with 90% from activities where Solvay ranks among the world’s top 3 leaders. 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.