Solvay Sees Separation on Track to Be Completed in December 2023
16 June 2023 - 6:18PM
Dow Jones News
By Adria Calatayud
Solvay said Friday that the planned split of its
mobility-focused operations into a company--to be named
Syensqo--from the rest of its businesses is on track to be
completed in December.
The Belgian chemicals company said it will keep the Solvay name
for the company that had been provisionally called EssentialCo,
which will comprise its mono-technology businesses that had been
part of its chemicals and special chemicals segments. The
businesses generated 5.6 billion euros ($6.13 billion) in net sales
last year.
Meanwhile, Syensqo--which had been provisionally called
SpecialtyCo--will house the group's more innovative activities
focused on clean mobility, which generated net sales of EUR7.9
billion in 2022, Solvay said.
The company earlier on Friday set out the capital and financial
structures of the two companies that will result of a break-up plan
that was launched last year.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
June 16, 2023 04:03 ET (08:03 GMT)
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