Solvay Creates Business Unit for Specialty Chemicals
Solvay has established a new global business unit (GBU) for rare earths, specialty chemicals and fluorine. The fluorine business was formerly part of Solvay's aroma performance GBU with net sales of nearly €30 million last year.
Solvay said the move was to simplify and improve the efficiency of its overall group structure.
The Special Chem GBU, with annual sales of about €850 million (2014) and 3,100 employees worldwide, will be headquartered in Seoul, South Korea. It will be led by Hua Du and reported within the advanced materials operating segment.
Roger Kearns, member of Solvay's executive committee, said: "With its increased scale and enhanced innovation capabilities, Solvay Special Chem is better positioned to capture growth opportunities and will focus on leveraging our technology and market position in auto-catalysts and fluor specialties to drive new growth in targeted markets, namely in automotive and electronics."
Business reporting from Solvay Special Chem will be effective from 1 April, 2015.