Solvay buys Egypt soda ash maker for $136m

17 October 2008 11:09  [Source: ICIS news]

SINGAPORE (ICIS news)--Brussels-based Solvay has acquired 100% of Egyptian state-owned Alexandria Sodium Carbonate Co (ASCC) for Egyptian pounds (£E) 760m ($136m, €101m), the company said in a statement on Friday.

“With this acquisition, Solvay gains a privileged access to the very dynamic Egyptian market,” said Chistine Tahon, managing director of Solvay’s strategic business unit soda ash and related products.

Solvay will continue the development by ASCC’s parent company, Holding Co for Chemical Industries (HCCI), which aims at rapidly increasing soda ash production capacity to 200,000 tonnes/year from 130,000 tonnes/year, Tahon added.

“In the longer term, Solvay considers producing up to 500,000 tonnes/year at the Alexandria plant, to serve not only Egypt but also the vibrant Middle East and North African markets,” she said.

($1 = £E 5.57/€1 = £E7.50)

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By: Bohan Loh
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