Solvay announces today that it has finalized the sale of 100% of its subsidiary Solvay Engineered Polymers (SEP), a major supplier of polypropylene compounds, to LyondellBasell Industries. The transaction – originally announced in November 2007 – was completed following the relevant regulatory approval.
SEP, which is essentially active in the North American Free Trade Agreement (NAFTA) region, has operations in Mansfield and Grand Prairie, Texas, as well as in Auburn Hills, Michigan. The company is also represented in Europe and in China through sales offices. The annual sales of SEP account for less than 2% of the turnover of the Solvay group.
Solvay is committed to the development and manufacturing of specialty polymers, in a drive to offer the world’s broadest range of high performance and ultra-high performance materials. However, the strategic fit of SEP’s polypropylene compounding activities had become limited within Solvay’s Plastics Sector because, among other reasons, the Group completed the divestiture of its polypropylene resin production in 2001.
LyondellBasell is one of the world’s largest polymers, petrochemicals and fuels companies. Headquartered in The Netherlands, LyondellBasell has combined annual pro forma revenues of nearly $43 billion and nearly 15,000 employees worldwide. LyondellBasell (http://www.lyondellbasell.com) is privately owned by Access Industries.
SOLVAY is an international chemical and pharmaceutical Group with headquarters in Brussels. It employs more than 28,000 people in 50 countries. In 2007, its consolidated sales amounted to EUR 9.6 billion, generated by its three sectors of activity: Chemicals, Plastics and Pharmaceuticals. Solvay (NYSE Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLB.BR) is listed on the NYSE Euronext stock exchange in Brussels. Details are available at www.solvay.com
