Solvay has successfully finalized the separation of its speciality businesses to Syensqo. While Syensqo will concentrate on speciality materials, Solvay will prioritize commodities, said the company.
The implementation of this partial demerger officially took effect on 9 Dec 2023. Both Syensqo and Solvay commenced independent trading on Euronext Paris and Brussels using their respective ticker symbols, starting from 11 Dec 2023.
Solvay is set to consist of specialized businesses, encompassing areas such as Peroxides, Soda Ash, Coatis, Silica, and Special Chem, generating approximately EUR 5.6 bn in net sales for 2022. Syensqo aims to explore unexpected perspectives, facilitate groundbreaking innovations, and discover the future of science.
The company will include advanced business segments such as Composites, Specialty Polymers, Aroma, Novecare, Oil & Gas, Technology Solutions, as well as growth platforms in green hydrogen, batteries, renewable materials & biotechnology, and thermoplastic composites. In 2022, these entities collectively achieved net sales of around EUR 7.9 bn.
We remind, Solvay will conduct a feasibility study into building the world’s first carbon neutral soda ash plant in NEOM, the city under development in Saudi Arabia. Following the completion of plans to split the business into two companies, with the core business still known as Solvay and the specialties operations now known as Syensqo, the firm is partnering with NEOM energy and water utility ENOWA on the project.
mrchub.com