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)
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