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'Solvay transforming into specialty chemicals group'
04
May '16
Solvay headquarters in Brussels, Belgium. Courtesy: Jean Michel Byl - Solvay photolibrary
Solvay headquarters in Brussels, Belgium. Courtesy: Jean Michel Byl - Solvay photolibrary
With an aim to transform itself into a specialty chemicals group, Belgian chemical company Solvay is selling its 70.59 per cent stake in Solvay Indupa to Brazilian chemical group Unipar Carbocloro.

As per a definitive agreement signed by both companies, the transaction is based on a total enterprise value of $202.2 million, subject to customary adjustments.

Listed on the Buenos Aires Stock Exchange, Solvay Indupa produces PVC and caustic soda at its two production sites in Brazil and Argentina, employing 956 persons.

“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,” De Cuyper added. (RKS)

Fibre2Fashion News Desk – India

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