Solvay acquires Chemlogics total cash consideration $1.345 billion

Solvay acquires Chemlogics for $1.35 billion

6:24 AM, 7th October 2013
Solvay new business acquisition news
Jean-Pierre Clamadieu, Chief Executive Officer, Solvay.

BRUSSELS, BELGIUM: Solvay has signed an agreement to acquire privately-held Chemlogics for a total cash consideration of $1.345 billion. Adding the US based company to Solvay’s Novecare business unit will create a leader with an extensive portfolio of tailored chemical solutions for the fast-growing oil & gas market, serving stimulation, cementing, production and water management applications. The completion of the transaction, expected before the end of this year, is subject to customary closing conditions, including US anti-trust clearance.

For Solvay Novecare, this acquisition will yield significant synergies thanks to a comprehensive offering of innovative products and technologies which enables oilfield service players worldwide to competitively and safely extract oil and gas while reducing water consumption.

“This acquisition accelerates Solvay’s ongoing transformation towards an innovative chemical solution provider focused on high growth and strong margin businesses with a more balanced geographical and market presence. Our expansion in the energy sector builds on our strategy to provide differentiated solutions addressing the sustainability challenges that society faces with an increasing number of consumers and scarce resources,” said Jean-Pierre Clamadieu, Chief Executive Officer, Solvay.

 

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