Solvay has lately signed a definitive deal with Unipar Carbocloro, a Brazilian chemical group, to trade its 70.59% stake in Solvay Indupa.
Solvay’s Executive Committee’s member, Vincent De Cuyper said, “Solvay’s divestment of Indupa follows our announced early exit of our European PVC joint venture as Solvay is transforming into a specialty chemicals group.” He added, “In acquiring Solvay Indupa, Unipar will strengthen its strategic position in the caustic soda and chlorine value chain extending its chemical footprint in PVC and allowing for the further development of Indupa.”
The deal is total enterprise value-based which is equivalent to US$ 202.2 million. The same will depend on upon customary adjustments. The deal will complete depending upon customary closing conditions such as antitrust approval.
Solvay Indupa is a PVC and caustic soda producer which was established in 1948. The company has 956 employees along with two production units in Brazil and Argentina. It has its name on the Buenos Aires Stock Exchange there. Solvay Indupa was already classified by Solvay as an “Asset held for sale”.