Advanced materials and specialty chemicals manufacturer Solvay wrapped up the divestment of its Performance Polyamides assets to BASF and Domo Chemicals, the company announced last Friday. The European Commission required Solvay to sell part of its Performance Polyamides activities as part of a transaction between BASF and Solvay.
Under the terms of the deal, Domo acquired performance polyamides production facilities in Belle-Etoile and Valence in France. The company also gained a stake in a joint venture between BASF and Domo in Chalampe, France that operates plants in Gorzow, Poland and Blanes, Spain, and has commercial activities in Germany and Italy.
All assets of Solvay’s Performance Polyamides business that were not purchased by Domo were acquired by BASF.
The transaction has an enterprise value of €1.6 billion. Solvay said the divestiture will help it to focus on its three core pillars of chemicals, materials, and solutions.
Solvay entered a binding agreement to sell its Performance Polyamides business to BASF in September 2017.