Solvay sells polyamide business BASF €1.6 billion

Solvay sells polyamide business to BASF for €1.6 billion

5:17 AM, 19th September 2017
Solvay sells polyamide business to BASF for €1.6 billion
This is a crucial step in Solvay’s transformation towards a multi-specialty chemicals company. Solvay and BASF aim to close the transaction in the third quarter of 2018.

BRUSSELS, BELGIUM: Solvay SA has entered into a binding agreement with BASF SE for the sale of its polyamides business, for an enterprise value of €1.6 billion.

This is a crucial step in Solvay’s transformation towards a multi-speciality chemicals company. Solvay and BASF aim to close the transaction in the third quarter of 2018.

BASF is a strategic investor for polyamides which complements both its business as well as its global presence. Solvay and BASF share the same commitment to best-in-class health, safety and environment standards on their sites.

Polyamides have grown profitability over the past years. As an integrated player, its activities range from upstream intermediates and polymers, to downstream with the development of high value-added engineering plastics. The transaction covers Solvay’s upstream and downstream polyamides business in Europe, North America and Asia, as well as the downstream engineering plastics business in Latin America and involves around 2,400 Solvay employees. Solvay will retain its upstream intermediates and downstream textile polyamide business in Latin America.

“Solvay’s planned divestment of polyamides marks a tipping point in the profound transformation journey we began four years ago. Successful completion of this transaction will further reinforce Solvay as a multi-speciality chemical group, delivering superior growth and sustainable value," said Jean-Pierre Clamadieu, CEO of Solvay.

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