Solvay marks new era after successful Syensqo spin-off
11 Décembre 2023 - 8:30AM
Solvay marks new era after successful Syensqo spin-off
Entering a new chapter, Solvay aims to establish itself as a
leading industry benchmark in essential chemicals, setting high
standards in decarbonization and social responsibility.
Brussels, December 11, 2023 - 8:30 CET
Solvay has successfully completed the spin-off of its Specialty
activities to Syensqo, a pivotal moment in its rich history. This
move marks a significant strategic shift for the Group, positioning
it as a frontrunner in essential chemicals on a global scale. It
prepares Solvay to enter a new stage of sustainable growth,
sharpening its focus on core business areas and reaffirming its
dedication to market leadership, decarbonization, and social
responsibility.
Global Presence and Diverse Customer Base
With over 9,000 employees spanning 40 countries, Solvay is
committed to offering sustainable products that meet society’s
fundamental needs. These include purifying air and water,
preserving food supplies, safeguarding health and well-being,
creating eco-friendly clothing, enhancing automotive tire
sustainability, and contributing to the thermal insulation,
cleanliness and protection of homes.
Built on strong foundations, the Group has consistently
propelled industry progress through ongoing process innovation.
With a portfolio encompassing key mono technologies such as soda
ash, bicarbonate, silica, hydrogen peroxide, fluorine and rare
earths, phenol, and solvents, Solvay serves as a vital and reliable
supplier across global markets. The company's unique global
footprint and well-balanced presence enable it to cater to a
diverse and sustainability-focused customer base.
Pierre Gurdjian, Chairman of the Solvay Board conveyed
enthusiasm about the completion of the spin-off, stating, "I'm
excited about the successful spin-off, a strategic move that
underscores our commitment to long-term value. This decision
reflects our dedication to creating sustained value for
stakeholders and ensuring Solvay's ongoing success. Collaborating
with experienced and highly qualified directors, we're positioned
to closely work with the executive leadership team, establishing
Solvay as a leader in essential chemicals. The prevailing
megatrends present compelling opportunities for enhancing value.
Leveraging our leadership and insight, we will confidently guide
Solvay into the future.” Philippe Kehren, Solvay CEO,
added "At Solvay, our mission is to harness the power of chemistry
to create sustainable products for the world's most pressing
challenges. Our commitment involves introducing process innovations
and sustainable products, all while minimizing our environmental
footprint. With the simplification driven by the separation, Solvay
is poised to reinforce its track record of achieving robust
top-quartile industry margins, generating cash, and delivering
attractive returns. Our aim is to create enduring value for
employees, communities, customers, and shareholders through our
integrated approach.”
Ambitious Financial Targets and Sustainability
Commitments
On November 13, 2023, Solvay unveiled its forward-looking vision
during its Capital Market Day, outlining ambitious financial
targets for 2028. The objectives centered around achieving
mid-single-digit EBITDA growth, delivering resilient cash
generation, enabling the payment of stable to growing dividends,
all while maintaining an investment-grade credit rating.
Emphasizing sustainability, Solvay's roadmap underscores the
Group’s commitment to a fair transition and environmental
responsibility, with a proactive aim to achieve carbon neutrality
by 2050. In its transition to cleaner energy, Solvay is eliminating
coal usage by 2030 wherever renewable alternatives exist, with a
notable goal of achieving coal-free energy at 5 of its 7 soda ash
plants by 2025. Beyond reducing its own emissions, Solvay is
committed to a 20% reduction in emissions along the value chain by
2030.
Dedicated to employee and community well-being, Solvay has set
ambitious targets, including zero accidents, gender balance in
management roles, and a living wage for 100% of its workforce by
2026, aligned with the UN Global Compact Forward Faster
initiative.
The completion of the partial demerger was effective on December
9, 2023. Solvay and Syensqo started trading as separate entities on
Euronext Brussels and Paris under their respective ticker symbols
on December 11, 2023. “I would like to take this opportunity to
wish our Syensqo colleagues a successful future as a standalone
company,” added Pierre Gurdjian.
- Solvay opens a new chapter after the successful spin-off of
Syensqo - EN
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