Solvay creates energy services business from Rhodia integration

23 January 2012 12:31  [Source: ICIS news]

LONDON (ICIS)--Solvay has created a new energy services business as it looks to cut its energy costs and carbon dioxide (CO2) emissions, the Belgian specialty chemicals firm said on Monday.

The company, Solvay Energy Services, was “the first concrete outcome of the integration of Solvay and Rhodia”, it said.

"The creation of this business, which will leverage the performance of the group, represents an important step and a first success in the integration of Solvay and Rhodia,” said Philippe Rosier, head of Solvay Energy Services.

“We are determined to become a major player in innovative energy solutions," he added.

Solvay said the new company will make use of the knowledge of Solvay, Rhodia and carbon emissions trading company Orbeo, to optimise its energy purchases, which amount to €1.2bn/year ($1.5bn/year), and help its business units and production sites manage their energy requirements and CO2 emissions.

Solvay added the steps taken will also contribute toward the group's objective of a 20% reduction in its energy consumption and greenhouse gas emissions by 2020. The business will also develop activities to help external customers reduce their environmental footprint, Solvay said.

On 31 August, Solvay announced that Rhodia shareholders and bondholders had overwhelmingly accepted its €3.4bn ($4.4bn) offer from April for the French specialty chemicals firm.

Orbeo was a 50:50 joint venture between Societe Generale and Rhodia, before Solvay bought out the French financial institution’s stake for an undisclosed amount. It was formed a year after the creation of carbon-trading markets in 2005, the year in which the Kyoto Protocol, an international agreement to reduce greenhouse gas emissions, came into force in Europe.

($1 = €0.78)


By: Franco Capaldo
+44 (0)20 8652 3214



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