Solvay completes acquisition of US-based Chemlogics for $1.35bn

31 October 2013 16:55  [Source: ICIS news]

LONDON (ICIS)--Solvay has completed the acquisition of US-based privately-held Chemlogics for a total cash consideration of $1.35bn (€986m), the Belgium-based producer said on Thursday.

The company said the deal will enables its Novecare business to become a leader with an extensive portfolio of tailored chemical solutions for the fast-growing oil & gas market.

“This acquisition accelerates Solvay’s transformation into a Group with higher growth and stronger margins, while increasing its exposure to the growing US energy market," said Jean-Pierre Clamadieu, CEO of Solvay.

"Strengthening Solvay’s oil and gas offering fits with our aim to become a model in sustainable chemistry, contributing to the transition towards the use of ever cleaner energy forms for a growing number of consumers.”

Headquartered in Paso Robles, California, Chemlogics reported last-twelve-month sales of around $500m and has 277 employees, Solvay said.

Solvay announced plans to buy Chemlogics for $1.35bn in cash on 7 October.

($1 = €0.73)

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

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