Sector News

Solvay plans sale of polyamide division – paper

January 7, 2016
Energy & Chemical Value Chain

(Reuters) – Belgian chemicals group Solvay is planning to sell its polyamide business and has given Goldman Sachs a mandate to find a buyer, Belgian business daily De Tijd said on Wednesday.

Polyamides, which can take the form of nylon, are used in textiles, carpets, clothing and car seats. Solvay declined to comment on the article, which cited multiple unidentified sources.

Solvay’s chief executive said in a media interview in 2014 that the company was looking to revamp its polyamides business before considering a possible sale. It completed a cost saving programme in 2014.

The functional polymers division, of which polyamides is by far the largest component, recorded sales in the first nine months of last year of 1.16 billion euros ($1.25 billion), a decline of 10 percent, but core profit (recurring earnings before interest, tax, depreciation and amortisation) rose 24 percent to 119 million euros.

Solvay has steadily shifted from a base chemical and plastics company to one making speciality materials used by the oil and gas sector or in cosmetics and high-performance polymers.

De Tijd said a number of financial or industrial players could be buyers. BASF is one of the world’s largest producers of polyamides.

($1 = 0.9304 euros) (Reporting by Philip Blenkinsop; Editing by Mark Potter)

comments closed

Related News

March 24, 2024

Thomas Gangl leaves Borealis

Energy & Chemical Value Chain

Appointed Borealis CEO in 2021, Thomas has led key initiatives including the sale of the nitrogen business, acquisitions of Rialti Spa and Integra Plastics AD, and Borouge’s IPO. He also made the final investment decision for the Borouge 4 plant, set to be the world’s largest polyolefin complex.

March 24, 2024

Chemours names Dignam permanent CEO

Energy & Chemical Value Chain

The Chemours Co. today named interim CEO Denise Dignam as the company’s permanent CEO and president, as well as a member of the board of directors, effective immediately. Dignam has been interim CEO since late February, when former CEO Mark Newman was placed on leave due to an internal investigation.

March 24, 2024

Neste merges three business lines into new Renewable Products unit

Energy & Chemical Value Chain

Neste Corp. (Espoo, Finland) has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one Renewable Products business unit as well as restructure its functions to better support business-driven ways of working.

How can we help you?

We're easy to reach