Belgium-based chemicals company Solvay SA on Wednesday said it sold its Acetow unit, which makes substances for cigarette filter producers, to private-equity firm Blackstone Group LP for around 1 billion euros ($1.07 billion).
Solvay said it expects to generate a capital gain of around EUR150 million after tax from the deal and that the net proceeds would contribute to reducing Solvay’s debt.
“The divestment of Acetow is another significant step in Solvay’s transformation towards a multi-specialty chemical group with a higher growth profile,” said Solvay Chief Executive Jean-Pierre Clamadieu.
Solvay said it expects to close the deal in the first half of 2017.
By Natalia Drozdiak
Source: MarketWatch
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