Brussels headquartered Solvay said it has completed the acquisition of the Ryton PPS (polyphenylene sulphide) business from Chevron Phillips Chemical Company for $220 million.
According to Solvay, this acquisition will help in enlarging its high-performance polymers offering and entering a solid growth market.Brussels headquartered Solvay said it has completed the acquisition of the Ryton PPS (polyphenylene sulphide) business from Chevron Phillips Chemical #
Solvay’s Global Business Unit (GBU) Specialty Polymers has acquired the two Ryton PPS resin production units in Texas, a pilot plant and R&D laboratories in Oklahoma and a compounding plant in Belgium.
Chevron Philips Chemical’s compounding unit in La Porte, Texas, will provide temporary tolling services to Solvay, allowing for an orderly transition with the Ryton customer base.
Solvay Specialty Polymers will access new business segments with innovative and demanding applications in transportation, automotive in particular, in electronics and in filter bags.
The acquisition is part of Solvay's strategic development to enhance its specialized solutions, deliver higher growth and greater returns while reducing cyclicality.
“The Ryton PPS businesses will be consolidated into Solvay's accounts as of January 1, 2015,” Solvay said.
Solvay generates 90 per cent of its net sales in activities where it is among the world's top three players and employs about 29,400 people in 56 countries and generated €9.9 billion in net sales in 2013. (AR)
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