Solvay to Sell Solvay Indupa
Solvay S.A., Brussels, Belgium, has signed a definitive agreement with Brazilian chemical group Unipar Carbocloro to sell its 70.59% stake in Solvay Indupa. The divestment of Indupa follows the announced early exit of Solvay's European PVC joint venture as the company is transforming into a specialty chemicals group.
In acquiring Solvay Indupa, Unipar will strengthen its strategic position in the caustic soda and chlorine value chain extending its chemical footprint in PVC and allowing for the further development of Indupa. Created in 1948, PVC and caustic soda producer Solvay Indupa has 956 employees and two production sites in Brazil and Argentina, where it is listed on the Buenos Aires Stock Exchange. Solvay had already classified Solvay Indupa as an "Asset held for sale".
The transaction is based on a total enterprise value of USD 202.2 million, which shall be subject to customary adjustments. Completion of the transaction is subject to the customary closing conditions, including antitrust approval.
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