Solvay chronicles its history through 12 thematic pieces

In the 1880s the question of the movement of capital among shareholders arose for the first time. The debate on whether to become a public joint-stock company raged in these years between partners and managers, resurfacing at regular intervals whenever the group's long-term future was at stake.

The decision finally forced itself on the company in the 1960s: with Solvay unable to grow without outside capital, the status change became inevitable. In 1967, after 104 years of existence, Solvay & Cie became a public joint-stock company and was listed on the Brussels Stock Exchange.

This opening to public ownership marked a real historic turning point, changing the governance of the company. But without revolutionizing it.

Smooth evolution

For the historical shareholders, it was inconceivable to surrender family control of the Group. To avoid dilution of their shares and to prevent any hostile takeover, 80% of the first shares issued were registered and subject to restrictions.

Fifteen years later, in January 1983, the family ownership group consolidated its positions with the creation of the holding company, Solvac, which was then floated. Inaccessible to institutional investors, the holding company succeeded in stimulating the exchange of shares while preserving the family shareholder control.

Gradually, the company's governing bodies opened up to external managers. Albert Bietlot and Edouard Swolfs were appointed to the Executive Committee. But it was not until 1998 that the CEO position passed to a non-family manager in the person of Aloïs Michielsen, succeeding Jacques Solvay and Daniel Janssen, the last two CEOs from the Ernest Solvay line.