According to Solvay’s board of directors decision on October 18, the plan to split Solvay into two independent companies will be discussed at the special shareholders’ meeting on December 8. vote.
Solvay’s independent spin-off plan aims to establish Solvay as a leader in two industries. One company, Syensqo, is focused on becoming a market-leading growth innovation and sustainable specialty chemicals field. leader; another company, Solvay, focuses on stable cash flow growth, becoming a leader in basic chemicals for operational excellence and sustainable development.
Nicolas Boël, Chairman of the Board of Directors of Solvay, said: “The Board of Directors is pleased to express its unanimous support for this transaction. Management is fully prepared for this transaction with compelling strategic, industrial and financial logic. We look forward to completing the transaction on December 8
day to gain support from shareholders. Dr. Ilham Kadri, CEO of Solvay Group, said: “Solvay’s 160-year heritage will be passed down from generation to generation, and the name of the new company is a perfect reflection of this. SOLVAY
Critical solutions will be created and delivered in the areas of housing, health, nutrition and transportation to meet basic human needs. This company will empower core solutions that are essential in people’s daily lives. Meanwhile, SYENSQO
It will be a company full of exploration spirit, which will lead innovation and promote human progress. I’m so proud of our team for making this ambitious plan a reality, SOLVAY and SYENSQO
I am also very excited about the bright future. ”
Solvay’s spin-off plan was proposed in March 2022. In June 2023, Solvay announced the spin-off plan and the names of the two companies after the spin-off.
As Ilham Kadri
The doctor said that through the split, Solvay will adjust its organizational structure and focus on the fields of basic chemicals and specialty chemicals respectively to maintain the competitiveness of the Solvay Group, consolidate its position as a market leader, and enhance the group’s focus on resistance to various risks. On the other hand, for Solvay, splitting into two independent listed companies will not only help focus on its main business and improve operating efficiency, but also further broaden the company’s financing channels.
SOLVAY
SOLVAY is EssentialCo
With its new name, the company will continue Solvay’s legacy of specializing in elements critical for a sustainable world. It goes back to the group’s early founding teams, who achieved technological breakthroughs and became experts in the soda ash production process. These breakthroughs have enabled many world-changing innovations and are an important step towards sustainable development.
SOLVAY
We will focus on providing sustainable solutions to society and future generations to meet their most critical needs, such as purifying the air we breathe and the water we drink, protecting our food sources, caring for our health and well-being, and creating eco-friendly fabrics to make our car tires more sustainable, as well as clean and protect our homes.
The company will be comprised of leading single technology businesses including soda ash and derivatives, peroxides, silica, coatings and specialty chemicals. In 2022, these businesses generated net sales of €5.6 billion. The company will deliver proven key technologies to a number of attractive and resilient end markets and benefit from its number one market leader position.
SYENSQO
SYENSQO is a SpecialtyCo
The new name for the company, it will be a science company made up of explorers. They stand out from the crowd, achieve breakthrough innovations, and explore the future of science. The company is closely linked to Solvay’s legacy of putting science in the service of humanity, such as the Solvay Conference on Physics and Chemistry. SYENSQO
The specific explanation of the name is as follows:
SY stands for the first and last letters of Solvay.
EN is a tribute to Ernest Solvay, founder of the Solvay Group.
SYENS represents Solvay’s scientific heritage, which dates back to 1911. At that time, Solvay Group founder Ernest Solvay convened 24 of the world’s most outstanding scientists – including Albert Einstein and Marie Curie – to hold the first Solvay Meeting. The conference had such a profound impact that the UNESCO World Heritage Committee has decided to include the archives of the Solvay Conference on Physics and Chemistry on its Memory of the World List.
Q also represents the Solvay Conference in 1911, which is the foundation for quantum physics (Quantum
Physics) laid the foundation that launched one of the greatest scientific processes of all time and drives cutting-edge innovation to this day.
QO means company.
SYENSQO
It will play a key role in the future of clean transportation, enabling the next generation of electric vehicle batteries and advancing the development of green hydrogen and thermoplastic composites. It will also bring breakthroughs in bio-based solutions, natural raw materials, circular solutions, etc.
SYENSQO
It will include the group’s highly innovative businesses: Specialty Polymers, Composites, Consumer and Industrial Specialty Chemicals, Flavors and Functional Chemicals, Technology Solutions, Oil and Gas, and four growth platforms: Batteries, Green…�Energy, thermoplastic composites, renewable materials and biotechnology. 2022, SYENSQO
These businesses achieved net sales of 7.9 billion euros.
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