Solvay spin-off business separation to come into effect
LONDON (ICIS)–The separation of Solvay into two independent companies will come into effect later on Friday, the Belgium-based producer said.
Solvay has spun off its specialties segment which will now be called Syensqo.
Its commodities business, referred to as EssentialCo since the split was first announced, will remain as Solvay.
All proposed resolutions were approved by shareholders at a meeting in Brussels.
“With this clear and positive outcome, the separation of Solvay into two independent companies, the new Solvay and Syensqo, is now confirmed and will be effective at midnight,” the company said in a statement.
Solvay will comprise the mono-technology businesses including soda ash, peroxides, silica, solvents and rare earths.
Syensqo will cover specialty polymers, composites, surfactants, aroma, technology solutions, and oil and gas, as well as the four growth platforms in batteries, green hydrogen, thermoplastic composites and renewable materials, and biotechnology.
Its listing on Euronext Brussels and Euronext Paris, under the ticker SYENS, will begin at market opening on Monday 11 December.
Solvay initially announced the separation in March 2022 in a bid to unlock value and attract investment opportunities.
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