2023 - 2024 Exhibitions
Biz changes: Solvay to spin-off business as Solvay and Syensqo; BASF reorganises European distribution of POM resin
Brussels-based chemical firm Solvay, which initially announced plans to split in 2022, has recently said that the company will continue to produce essential materials under Solvay, while the company making specialty materials will be called Syensqo. The new names will be effective upon completion of the planned separation of Solvay, which is on track to be completed in December 2023, following the satisfaction of customary conditions.
It adds that Solvay, the new name for EssentialCo, will comprise mono-technology businesses including Soda Ash, Peroxides, Silica, Coatis and Special Chem, which generated approximately EUR5.6 billion in net sales in 2022.
Meanwhile, 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. In 2022, Syensqo generated net sales of around EUR7.9 billion.
"Solvay has a 160-year legacy that will be passed on for generations to come and the names of our new companies reflect this perfectly. Solvay will create and deliver essential solutions in housing, health, nutrition and mobility, which fulfill the basic needs of humanity. It will enable vital solutions that are at the heart of people’s everyday lives. Syensqo will be a company of explorers who will usher in breakthroughs that will advance humanity. I am so proud of our teams who have made this possible and excited about the bright future of both SOLVAY and SYENSQO." Dr. Ilham Kadri, CEO of Solvay.
In other news, as of 1 October 2023, German chemicals firm BASF says it will change its European direct business for Ultraform POM and transfer the sales process to its long-standing trusted trading partners, Albis and Ultrapolymers Group.
Ultraform is and will remain an important part of BASF's engineering plastics portfolio. By maintaining R&D for Ultraform within BASF, customers will continue to benefit from BASF's innovations and broad expertise, especially in solving technical challenges, it adds.
Ultraform is the trade name for BASF's polyoxymethylene (POM) range. It includes versatile engineering plastics with properties designed for heavy-duty components. It is suitable, among other things, for applications in vehicle construction, medical technology and in plant and mechanical engineering.
(PRA)
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