Solvay to sell its stake in Solvay Indupa to Brazil’s Unipar Carbocloro
Brussels, May 3, 2016 --- Solvay has signed a definitive agreement with Brazilian chemical group Unipar Carbocloro to sell its 70.59% stake in Solvay Indupa.
“Solvay’s divestment of Indupa follows our announced early exit of our European PVC joint venture as Solvay is transforming into a specialty chemicals group,” said Vincent De Cuyper, member of Solvay’s Executive Committee. “In acquiring Solvay Indupa, Unipar will strengthen its strategic position in the caustic soda and chlorine value chain extending its chemical footprint in PVC and allowing for the further development of Indupa.”
The transaction is based on a total enterprise value of US$ 202.2 million, which shall be subject to customary adjustments.
Completion of the transaction is subject to the customary closing conditions, including antitrust approval.
Created in 1948,PVC and caustic soda producerSolvay Indupa has 956 employees and two production sites in Brazil and Argentina, where it is listed on the Buenos Aires Stock Exchange. Solvay had already classified Solvay Indupa as an “Asset held for sale”.
An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).