Solvay Sees Separation on Track to Be Completed in December 2023

   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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