Brussels, December 14, 2016 --- Solvay has signed a definitive agreement to sell its 58.77 percent stake in its Thai subsidiary Vinythai PCL to Japanese company AGC Asahi Glass (AGC), thereby exiting its Asian polyvinyl chloride (PVC) activities.
The transaction is based on a total enterprise value of 16.5 billion Thai Baht (€ 435 million), representing a multiple of 8x mid-cycle EBITDA. Completion of the transaction is subject to customary closing conditions, including antitrust approvals, and is expected in the first half of 2017.
"This agreement follows Solvay's earlier sale of the European PVC business and the upcoming completion of the divestment of its Brazilian PVC activities. These transactions represent a significant milestone in the Group's transformation towards a multi-specialty chemical group," said Vincent De Cuyper, member of Solvay's Executive Committee.
An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO
emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of € 12.4 billion in 2015, with 90% made from activities where it ranks among the world's top 3 players. Solvay SA (
) is listed on Euronext in Brussels and Paris (Bloomberg:
Vinythai operates Solvay's state-of-the-art chlorovinyls technology and is a key player in the Southeast Asian market. With 450 employees, it had net sales of € 436 million in 2015. It is listed on the Stock Exchange of Thailand.
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