Basell to acquire Solvay Engineered Polymers, Inc.
Basell, the global leader in advanced polyolefins, announced today that it has signed a definitive agreement with Solvay by which Basell will acquire Solvay Engineered Polymers, Inc., a leading supplier of polypropylene compounds in North America.
The transaction is subject to relevant regulatory approvals and is expected to close in early 2008.
“The acquisition of Solvay Engineered Polymers will complement Basell’s existing Polymer-based Composite Materials and Alloys (PCMA) business in North America, and by combining these businesses we will be better positioned to serve our customers in this region with products designed to meet their needs,” said Paul Yeates, President of Basell Advanced Polyolefins. “In addition, there will be an excellent opportunity to learn from one another and combine each other’s application and product-development strengths.”
Commenting on the transaction, Vincenzo Morici, General Manager of the Specialty Polymers Strategic Business Unit at Solvay, said: “Over the past years, SEP has made great progress in expanding its product and application range. Joining Basell is now the right way forward for Solvay Engineered Polymers, as it will provide the company with upstream integration into key raw materials and access to complementary technologies and market segments.”
Basell is the global leader in polyolefins technology, production and marketing. It is the largest producer of polypropylene and advanced polyolefin products; a leading supplier of polyethylene and catalysts, and the industry leader in licensing polypropylene and polyethylene processes, including providing technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries.
About Access Industries
Access Industries is a privately held, U.S.-based industrial group with long-term holdings worldwide. Access was founded in 1986 by Chairman, Len Blavatnik, an American industrialist. Access’ industrial focus spans three key sectors: natural resources and chemicals; telecommunications and media; and real estate.
Solvay Engineered Polymers is a unit of the Solvay international chemical and pharmaceutical group, which has its headquarters in Brussels. Solvay employs some 29,000 people in 50 countries. In 2006, its consolidated sales amounted to €9.4 billion, generated by its three sectors of activity: chemicals, plastics and pharmaceuticals. Solvay is listed on the NYSE Euronext stock exchange in Brussels.
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