Solvay Details Business Split
20.06.2023 - Belgian chemical company Solvay is splitting up into two separate entities.
Further to its announcement in March 2022 that it was exploring options to split into two, Solvay has now released the names of the new companies.
The first — dubbed EssentialCo — will retain the Solvay name and comprise the Brussels-based group’s soda ash, peroxides, silica, Coatis and Special Chem businesses that together generated about €5.6 billion in net sales last year.
SpecialtyCo — comprising specialty polymers, composites, Novecare, aroma, technology solutions, oil & gas, as well as the four growth platforms in batteries, green hydrogen, thermoplastic composites and renewable materials and biotechnology — will bear the name Syensqo. The businesses within Syensqo generated net sales of about €7.9 billion in 2022.
CEO Ilham Kadri commented: “Solvay has a 160-year legacy that will be passed on for generations to come and the names of our new companies reflect this perfectly.” She added that Solvay will create and deliver essential solutions in housing health, nutrition and mobility, while Syensqo “will be a company of explorers who will usher in breakthroughs that will advance humanity.”
These breakthroughs would be in next-generation batteries for electric vehicles, bio-based solutions, natural ingredients and circular solutions, among others.
Explaining the reasoning behind the Syensqo name, Solvay said the S and Y link to the first and last letters in Solvay, the EN is a nod to founder Ernest Solvay, SYENS refers to Solvay’s scientific heritage, Q points to Solvay’s first conference in 1911 that it said laid the foundations for quantum physics, and QO is for company.
The new names will take effect once the separation has completed, which Solvay said is on track for December 2023.
Author: Elaine Burridge, Freelance Journalist