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12-18-2013

Solvay to Sell its Stake in Solvay Indupa

Solvay has signed a binding agreement with Braskem, Brazil's leading PVC producer, to sell its 70.59% stake in Solvay Indupa. This transaction comes after Solvay classified Solvay Indupa as an "Asset held for sale" from the fourth quarter of 2012.

Created in 1948, Solvay Indupa is South America's second largest PVC producer and fourth largest caustic soda producer. With 936 employees and two production sites in Argentina and Brazil, Solvay Indupa reported net sales of €542 million in 2012. It is listed on the Buenos Aires Stock Exchange.

The transaction is based on a total enterprise value of USD 290 million (EUR 211 million), representing 5.1 x mid-cycle REBITDA. The enterprise value includes Solvay Indupa's net financial debt, which was accounted for in Solvay's "Assets and Liabilities held for sale" at year-end 2012 for EUR 178 million. The cash proceeds for Solvay's equity stake are to amount to USD 25 million (EUR 18 million). The divestment is expected to result in an estimated non-cash net loss of about EUR 120 million for Solvay Group share. The loss consists of the impairment resulting from the fair valuation of Solvay Indupa, which will be recognized at year-end, and the recognition at the closing date of the transaction of currency translation losses, previously recognized in equity in accordance with IFRS rules. Completion of the transaction is subject to the customary closing conditions, including antitrust approval.

Company profile

SOLVAY SA

Rue de Ransbeek 310
BE 1120 BRUSSELS

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