Solvay has signed a definitive agreement with Brazilian chemical group Unipar Carbocloro to sell its 70.59% stake in Solvay Indupa.
“Solvay’s divestment of Indupa follows our announced early exit of our European PVC joint venture as Solvay is transforming into a specialty chemicals group,” said Vincent De Cuyper, member of Solvay’s Executive Committee. “In acquiring Solvay Indupa, Unipar will strengthen its strategic position in the caustic soda and chlorine value chain extending its chemical footprint in PVC and allowing for the further development of Indupa.”
The transaction is based on a total enterprise value of US$ 202.2 million, which shall be subject to customary adjustments.
Completion of the transaction is subject to the customary closing conditions, including antitrust approval.
Created in 1948, PVC and caustic soda producer Solvay Indupa has 956 employees and two production sites in Brazil and Argentina, where it is listed on the Buenos Aires Stock Exchange. Solvay had already classified Solvay Indupa as an “Asset held for sale”.
Source: Solvay
Craig Arnold is currently the Chief Commercial Officer at Ferroglobe PLC in Madrid, Spain. Prior to this appointment, he had a long-standing career at Dow Inc., where he held various senior management roles, including an Executive Secondment (from Dow Inc.) and Advisor to the CEO at the Alliance to End Plastic Waste (AEPW) in Singapore.
The transaction marks Ineos’ entrance into the US EO market. It is the second-largest EO maker in Europe, trailing BASF SE. The deal is expected to close in the second quarter of 2024 following completion of planned maintenance at the Bayport site, the companies said.
Röhm GmbH has named Hans Bohnen as CEO of Röhm GmbH replacing Michael Pack, effective Feb. 1, 2024. Pack will retire from the company, effective March 1, 2024. Bohnen joins from HyCC where he served as group CEO. Prior to that, he served 13 years with Clariant AG.
