Solvay Completes Divestment of Polyamides
January 31 2020 - 12:00PM
Solvay Completes Divestment of Polyamides
Brussels, January 31, 2020 –
Solvay has formally completed the divestment of its Performance
Polyamides activities to BASF and Domo Chemicals.
This represents the last step in the transaction
agreed between Solvay and BASF, for which the European Commission
required to divest certain of Solvay’s performance polyamides
assets to a third party.
The assets acquired by the third party, Domo
Chemicals, include Solvay's performance polyamides production sites
at Belle-Etoile and Valence (France), as well as a stake in a
newly-created joint venture between BASF and Domo in Chalampé
(France). They also involve production sites in Gorzow (Poland),
Blanes (Spain) and commercial activities in Germany and Italy.
BASF will acquire all the Performance Polyamides
activities of Solvay that are not acquired by Domo Chemicals and
that are part of the original agreement between Solvay and BASF,
signed at the end of 2017.
The transaction is based on an enterprise value
of €1.6 billion and the net cash proceeds to be received on the
combined transaction are estimated to be around €1.2 billion,
subject to customary post-closing purchase price adjustments. More
information will be made available with the release of the year-end
results on February 26.
The closing of this transaction will allow
Solvay to strengthen its recently-announced G.R.O.W. strategy,
based on three core pillars -- Materials, Chemicals and Solutions
-- each with a clear mandate.
- 2020-01-31 Polyamides closing EN
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