Solvay Sells Polyolefin Compounds to Finproject
Solvay has sold another business as it pursues a transformation to a multi-specialty chemical group. This time, the Belgian company has agreed to sell its Italian polyolefin cross-linkable compounds business to family-owned firm Finproject for an undisclosed sum.
Based in Roccabianca, Parma, the division makes compounds that are used in wire and cable applications as well as in the pipe industry. It generated sales of €82 million in 2016.
Finproject, which is located in Morrovalle in Italy’s Marche region, makes injection molded foam, polyolefin-based compounds and PVC compounds that are used in footwear and other applications in the spa, automotive, furniture and safety industries.
The sale is expected to close in the second quarter of 2017, subject to the usual closing conditions.
Separately, Solvay has agreed to sell its 25.1% stake in National Peroxide to partner Wadia Group, boosting the Indian’s conglomerate shareholding to about 70.5%. Public shareholders hold about 29.5% of the Mumbai-listed company.
National Peroxide was formed in 1954 as a joint venture between the Wadia Group and Laporte and operates a 95.000 t/y hydrogen peroxide facility at Kalyan, Maharashtra. Solvay inherited the National Peroxide shareholding when it reorganized its Interox joint venture with Laporte back in 1992.
The transaction was due to complete by the end of March 2017.