Syensqo

History

2023: Building a Company Based on Solvay's Business

In mid-June 2023, the Belgian chemical giant Solvay announced a split into two independent public companies. The first company will retain the Solvay name and include monotechnology facilities that produce soda ash, peroxides, silica and coatis, among others, which are assigned to the chemicals segment at Solvay, as well as a division of Special Chem.

Another company called Syensqo will receive from the Belgian concern a business in the field of materials, including high-margin polymers of special purpose, the business of highly efficient composites, as well as the divisions of Novecare, Technology Solutions, Aroma Performance.

Belgian chemicals giant Solvay splits into 2 companies

The plan to split into two leading companies represents a turning point in our journey to transform and simplify Solvay. Despite the challenges of the current global environment, we are confident that the implementation of this plan will allow us to create attractive value for shareholders in the long term, said Solvay CEO Ilham Kadri.

Two strong industry leaders who benefit from strategic and financial flexibility will be created once the split is completed to focus on their distinctive business models, market priorities and stakeholder priorities, Solvay said. Once separated, each individual company will have the opportunity to increase its focus on its strategy and growth opportunities.

Under the separation plan, Solvay shareholders will retain their current shares, which will continue to be listed on Euronext Brussels and Euronext Paris. The transaction depends on general market conditions and customary closing conditions, including the final approval of the separation by Solvay's board of directors, the press release said. The separation is expected to be completed in the second half of 2023.^[1]

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