Solvay sells Formulated Resins business to ALTANA AG
BRUSSELS January 4, 2017 -- Solvay has agreed to sell its Formulated Resins business to ALTANA AG’s ELANTAS PDG Inc. Under the agreement, Solvay’s global business unit Technology Solutions will divest the business line which generated sales of $20M (USD) in 2015. The divestment includes the Formulated Resins product portfolio, the manufacturing and R&D facility based in Olean, New York USA, and all associated technical, commercial and administrative staff.
“The divestment represents a strong strategic fit for both Solvay and ELANTAS,” commented Michael J. Radossich, President, Solvay Technology Solutions. “This transaction enables Technology Solutions to further extend our leadership position in our core polymer additives business. In ALTANA, the Formulated Resins business has a strategic buyer to position it for continued growth.”
The Formulated Resins portfolio mainly entails the CONAP® brand epoxy resin and polyurethane product systems and serves electronics, electrical and specialty adhesives markets. Completion of the transaction is subject to customary closing conditions, including antitrust approvals, and is expected in the first half of 2017.
Solvay Technology Solutions is a global business unit of the Solvay Group and is comprised of Mining Solutions, Phosphorus Specialties and Additive Technologies business lines. The GBU innovates, manufactures and delivers sustainable solutions to its customers in the mining, agriculture, agrochemicals, automotive, electronics and industrial markets, among others.
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 30,000 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).