BRUSSELS — Solvay announced it is reviewing plans to separate the company into two independent publicly traded companies. The two separate companies would be named EssentialCo and SpecialtyCo.

EssentialCo would comprise leading mono-technology businesses including soda ash, peroxides, silica and coatis, which are reported as the company’s Chemicals segment, as well as the Special Chem business. These businesses are reported to have generated approximately €4.1 billion in net sales in 2021.  

SpecialtyCo would comprise the company’s currently reported Materials segment, including its high-growth, high-margin Specialty Polymers, its high-performance Composites business, as well as the majority of its Solutions segment, including Novecare, Technology Solutions, Aroma Performance, and Oil & Gas. These businesses are reported to have generated approximately €6.0 billion in net sales in 2021.

Solvay CEO, Ilham Kadri, explained,"The plan to separate into two leading companies represents a pivotal moment in our journey to transform and simplify Solvay. Since we first launched our G.R.O.W. strategy in 2019, we have taken a number of actions to strengthen our financial and operational performance, focus our portfolio on higher growth and higher margin businesses, and reinforce our business purpose across the organization. We have changed the culture profoundly, with a passion for performance and meritocracy at its core. Our successful focus on cash, costs and returns has strengthened the Materials and Solutions segments to be more self-sustaining and profitable. At the same time, the Chemicals segment has continued its strong track record of resilient cash generation. Notwithstanding the challenges of the current global environment, we are confident that pursuing this plan would enable us to create compelling value for shareholders over the long-term.

"Our talented and dedicated employees have worked hard to transform Solvay, and their efforts have enabled us to take this important next step towards the creation of two strong companies. We expect to create opportunities in each company for our employees to thrive and grow, and we are confident that both companies will maintain the same levels of customer focus and commitment to value creation."

Upon completion, the separation would establish two leading companies that would benefit from the strategic and financial flexibility to focus on their distinctive business models, market and stakeholder priorities. Under the separation plan, Solvay’s shareholders would retain their current shares of Solvay stock, which will continue to be listed on Euronext Brussels and Euronext Paris.  The separation would be effected by means of a partial demerger of Solvay whereby the specialty businesses will be spun off to SpecialtyCo. Solvay shareholders at the time of separation would receive shares in SpecialtyCo pro rata to their shareholding in Solvay SA. It is expected that the shares of each company would be listed on Euronext Brussels and Euronext Paris.

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