Solvay: agreement for sale of polyamides business.
(CercleFinance.com) - Solvay has announced the signing of an agreement for the sale of its polyamides business to the German chemical group BASF, which is a major step in Solvay group's transformation into a high value added chemicals group.
The transaction concerns all its polyamide activities in Europe, North America and Asia, along with activities related to technical plastics downstream in Latin America. Approximately 2,400 employees work for these entities.
Under the terms of the agreement, the transaction is based on an enterprise value of 1.6 billion euros. The net proceeds from the sale are estimated at 1.1 billion euros and the group's net financial position will improve by approximately 1.3 billion euros.
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The transaction concerns all its polyamide activities in Europe, North America and Asia, along with activities related to technical plastics downstream in Latin America. Approximately 2,400 employees work for these entities.
Under the terms of the agreement, the transaction is based on an enterprise value of 1.6 billion euros. The net proceeds from the sale are estimated at 1.1 billion euros and the group's net financial position will improve by approximately 1.3 billion euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.