Belgium’s Solvay seals $24m soda ash joint venture in China

08 June 2011 08:11  [Source: ICIS news]

SHANGHAI (ICIS)--Belgium’s Solvay said on Wednesday that it will invest €16m ($24m) to acquire a 30% stake in a new soda ash plant in Bin Hai near China’s northern city of Tianjin.

Solvay concluded the agreement with China’s soda ash producer, Tianjin Soda Ash Plant.

The plant has a soda ash capacity of 800,000 tonnes/year and related products such as bicarbonate and 800,000 tonnes/year of ammonium chloride. It is in the start-up phase and will be fully operational by the middle of this year, Solvay said.

Solvay plans to commercialise 220,000 tonnes/year of soda ash and 30,000 tonnes/year of bicarbonate under its own brand name.

It will provide guarantees on loans, bringing the total committed and invested amount to almost €60m, the company said.

"This investment will give Solvay a new access to the very large Chinese market and will enable Solvay to bring its knowhow as one of the world's longest standing soda ash producers to this fast growing country," said Vincent De Cuyper, group general manager of Solvay’s chemicals sector.

Tianjin Soda Ash Plant is one of the oldest chemical companies in China and is a subsidiary of the Tianjin Bohai Chemical Industry Group

($1 = €0.68)

Please visit the complete ICIS plants and projects database

By: Judith Wang
+65 6780 4359

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