Solvay to sell its Charleston plant in the U.S. and associated phosphorus business

Date : 11/15/2017 @ 1:00AM
Source : GlobeNewswire
Stock : Solvay (SOLB)
Quote : 102.8  -1.0 (-0.96%) @ 11:40AM

Solvay to sell its Charleston plant in the U.S. and associated phosphorus business

Brussels, November 15, 2017 -- Solvay has agreed to sell its U.S. facility in Charleston, South Carolina, and the phosphorus derivatives-based products made at the plant to German specialty chemicals company Lanxess. Employees at the site will also be transferred. 

"The divestment will strengthen Solvay's focus and resources on our existing leadership positions in phosphine gas, phosphine derivatives and phosphorous specialties," said Michael  Radossich, President of Solvay's Technology Solutions Global Business Unit. "With Lanxess, our Charleston employees and our customers will have a buyer with a strategic, geographic and technical fit to expand the business and its offerings." 

The products at the site are used primarily as intermediates in plastic additives, flame retardants and agricultural applications. The business represents sales of approximately €65 million. 

Completion of the transaction is subject to customary closing conditions, including antitrust approvals, and is expected in the first half of 2018.

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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.

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You can find here the press release in PDF

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Solvay S.A. via Globenewswire

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