Solvay Said Trying to Sell PA Business
Solvay has hired investment banker Goldman Sachs to find a buyer for the polyamide business it picked up for the most part with the acquisition of Rhodia in 2011, the Belgian business daily De Tijd has reported, citing unnamed sources.
The Belgian chemical producer is regarded as market leader in PA 6.6. Its production facilities for polyamide at four European sites in addition to South Korea and Brazil also have capacity for PA 6 and PA 10. The company is also back-integrated into feedstocks such as adipic acid.
CEO Jean-Pierre Clamadieu said in an interview with CHEManager International in 2012 that the PA business had room for improvement. In a 2014 talk with another publication, he said the activities could be revamped in preparation for divestment.
During Clamadieu’s term of office, Solvay has been shifting its plastics business higher along the value chain, most recently bringing its vinyls portfolio into the Inovyn joint venture with Ineos. Solvay plans to exit the jv after three years, receiving targeted cash payout from Ineos of around €250 million.
It seems likely, observers say that the company wants to reduce its engagement in plastics to high-end products such as PEEK and PAEK.