Solvay takes key step in divestment of Polyamides
August 14 2019 - 10:00AM
Solvay takes key step in divestment of Polyamides
Brussels, August 14, 2019 --- Solvay and BASF have reached an
agreement with Domo Chemicals whereby Domo Chemicals is to acquire
the Solvay Polyamide assets that needed to be divested to a third
party as part of the European Commission’s merger control clearance
process. The agreement is a key step towards completing the
divestment of Solvay’s remaining Polyamides business to BASF.
Domo is a fully integrated nylon 6 specialist, providing
specialized engineering materials solutions to its customers in the
automotive, electrical, construction, industrial applications and
consumer goods industries. The assets acquired by Domo involve
Solvay's Performance Polyamides facilities at Belle-Etoile and
Valence, as well as a stake in a newly created joint venture
between BASF and Domo in Chalampé (France). They also involve sites
in Gorzow (Poland), Blanes (Spain) and commercial activities in
Germany and Italy.
BASF will acquire all the activities that are not included in
the remedy package and that are part of the original agreement
between Solvay and BASF signed at the end of 2017.
Solvay, BASF and Domo will continue to run their businesses
separately until completion of the transaction, which remains
subject to relevant merger control clearances, required regulatory
approvals and completion of employee representatives procedures.
The entire transaction, which is based on a purchase price of €1.6
billion on a debt free and cash free basis, is expected to be
completed by the end of 2019.
- 20190814-Solvay BASF Domo-ENG
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