The Solvay Group (Brussels, Belgium) agreed to sell its North American and European amphoteric surfactant business to OpenGate Capital, a private equity firm with headquarters in Los Angeles. The sale includes the three main production sites supporting the amphoteric product lines located in University Park, Illinois (USA), Genthin, Germany, Halifax, United Kingdom, and a tolling business in Turkey. The agreement also includes tolling and service agreements between Solvay and OpenGate to ensure a seamless transition and minimal customer disruption.
“This agreement represents another critical step in the execution of our strategic plan as we further focus our home & personal care portfolio on growing specialty formulations and custom solutions,” commented Michael Radossich, president of Solvay’s Novecare global business unit.
In OpenGate Capital, Solvay has identified a strong buyer for the North American and European amphoteric surfactant business while the sale will generate additional resources for Solvay to invest in its strategic growth segments as part of its portfolio simplification journey. Solvay expects to close the sale by the end of March pending completion of all required social dialogues and regulatory approvals.
by Mary Page Bailey
The total contract value is approximately €430 million. The project scope of work entails complete engineering services, equipment and material supply, installation and construction activities and, as an optional part of the scope, commissioning and start up.
Once it has implemented this project, Lenzing will have biological wastewater treatment plants that meet the best available techniques (BAT) quality standard at all its production sites.
The debate over the position of hydrogen in the new energy revolution has come to the fore again thanks to Japan’s hosting of the Olympic Games. But rather than showcasing how green this miracle new fuel is, it has highlighted its many problems.