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BASF agrees to acquire Solvay's polyamides business for €1.6 billion

Monday, September 25, 2017
Brussels, Belgium - Solvay has entered into a binding agreement with German chemical company BASF for the sale of its polyamides business, a crucial step in Solvay’s transformation towards a multi-specialty chemicals company. “Solvay’s planned divestment of polyamides marks a tipping point in the profound transformation journey we began four years ago. Successful completion of this transaction will further reinforce Solvay as a multi-specialty chemical group, delivering superior growth and sustainable value," said Jean-Pierre Clamadieu, CEO of Solvay. BASF is a strategic investor for polyamides which complements both its business as well as its global presence. Solvay and BASF share the same commitment to best-in-class health, safety and environment standards on their sites. Polyamides has grown profitability over the past years. As an integrated player, its activities range from upstream intermediates and polymers, to downstream with the development of high value-added engineering plastics. The transaction covers Solvay’s upstream and downstream polyamides business in Europe, North America and Asia, as well as the downstream engineering plastics business in Latin America and involves around 2,400 Solvay employees. Solvay will retain its upstream intermediates and downstream textile polyamide business in Latin America. Under the proposed terms of the agreement, the transaction is based on an enterprise value of €1.6 billion, which represents ~8 EBITDA of 2016 and ~7 EBITDA in the last twelve months. The expected net cash proceeds are estimated to be around €1.1 billion. Taking into account the financial liabilities of about €0.2 billion to be transferred to the acquirer, the net financial position of the group will improve by about €1.3 billion. The polyamide business planned to be divested will be reclassified to assets and liabilities held for sale and discontinued operations at the end of September. As a result of the discontinuation, the retained Latin American polyamide business will incur an impairment of close to €(100) million to be booked at the end of September. This impairment is expected to be more than compensated by the capital gain on the transaction at the closing. The execution of definitive agreements is expected in the coming months following consultation with the relevant social bodies. Solvay and BASF aim to close the transaction in the third quarter of 2018, after customary regulatory approvals have been obtained and the formal consent of a Joint Venture partner has been received. The partner has already committed to grant its consent subject to the delivery of definitive documents with BASF. - * Email


The Month in Review - Past 30 Days

Thursday, October 19, 2017
Wacker to showcase its new Elastosil LR 5040 liquid silicone rubber line at Fakuma 2017
Global automotive tire market forecast to reach $645 billion by 2027
Global automotive rubber hoses market to grow at a CAGR of 5.08 percent through 2021
Malaysian Rubber Board set to build new headquarters in Sungai Buloh
DuPont announces new guide to advances in plastics and elastomers for automotive air management systems

Wednesday, October 18, 2017
Goodyear to report third quarter 2017 financial results
Pasha Rubber Products' thermoplastic vulcanizate made from recycled truck tire rubber approved by General Motors
Hankook opens $800 million, 1,000-worker tire plant in Clarksville, TN
MidAtlantic Rubber and Plastics Group holds educational symposium for polymer processing and testing
Global medical grade silicone market is expected to reach $596.8 million by 2025
Accella Performance Materials acquired by Carlisle for $670 million

Tuesday, October 17, 2017
Kobelco says steel and machinery not part of fake inspections scandal
Apollo Tyres furthers its brand presence with English Premiere League sponsorships
Zinc Oxide LLC acquires Zochem to become the largest producer of zinc oxide in North America
Cambodia's rubber exports rise 33 percent
Lanxess announces price increase for brominated flame retardants

Monday, October 16, 2017
ChemSpec is now a distributor for the Dispersix brand of HCR silicone processing additives
Covestro to expand capacity of thermoplastic polyurethane at West Virginia facility
Goodyear increases dividend by 40% on common shares
Cooper Tire to present at the Baird 2017 Global Industrial Conference
Shin-Etsu to invest $21.3 million to expand production capacity of Akron plant

Friday, October 13, 2017
Ashland announces price increase for maleic anhydride in North America
Book of the day - Fatigue, Stress and Strain of Rubber Components, by Judson Bauman
Goodyear Blimp Wingfoot Two embarks on a 2,600-mile cross-country journey
Evonik is raising the prices for its isophorone diamine
Dow introduces new Vorasurf polyurethane additives

Thursday, October 12, 2017
Global roof coatings market forecast to reach $1.68 billion by 2023
Tire Industry Association announces that online registration is now open for the 63rd Annual Off-the-Road Conference
AkzoNobel develops novel technology platform to manufacture a wide range of ethylene amines
Freudenberg signs final agreement to acquire Playtex household gloves in the US
Global silicone coatings market forecast to reach $6.81 billion by 2025

Wednesday, October 11, 2017
Global tractor tires market is forecast to grow at a CAGR of 5.06% through 2022
Yokohama's Mississippi facility plants 2000 trees during Forever Forest event
Camso acquires Stanley Industrial Tire
U.S. Tire Manufacturers Association celebrates Manufacturing Day
Songwon commissions second production line for thermoplastic urethanes in South Korea

Tuesday, October 10, 2017
International Elastomer Conference opens today in Cleveland, Ohio
Cooper Tire & Rubber to release third quarter results
General Motors to discuss the use of sustainably sourced rubber at COMMIT!Forum
Lanxess to cease production of base oils at its Ankerweg site in the Netherlands
Dow Corning Silicones announces the new brand name of DOWSIL
Global mechanical test equipment market to grow at a CAGR of 5.87% through 2021

Monday, October 09, 2017
Thermoplastic elastomers market will grow at 6% CAGR to cross $20 billion by 2023
Hankook Tire joins the U.S. Tire Manufacturers Association
Chemours named winner of 2017 Polyurethane Innovation award
U.S. construction silicone sealants market is expected to reach $288.1 million by 2025
Global liquid silicone rubber market forecast to reach $3.6 billion by 2022

Friday, October 06, 2017
Global thermoset molding compound market forecast to reach $13.56 billion by 2023
Book of the Day - Rubber Extrusion Technology Short Course Notes
Giti Tire creating more than 1,700 jobs with its first U.S. factory
Alternative Rubber & Plastics, Inc. unveils its new name, ARP Materials
Falken Tires launches two new all-season tires for crossover vehicles

Thursday, October 05, 2017
Sumitomo selects Solvenian site for new medical elastomer plant
Wacker announces price increases for silicone polymers, silicone fluids and silicones
Global latex medical disposables market forecast to reach $6.4 billion by 2024
Bridgestone supplies fuel efficient 'ECOPIA with ologic' tires for World Solar Challenge
Hankook Tire survey reveals top destinations for American autumn travel

Wednesday, October 04, 2017
New rubber tree cultivation expected to produce double the yield
Porous Pave has used over 10 million pounds of recycled rubber for permeable paving
Industrial hose market forecast to reach $14.81 billion by 2023
Zeon Chemicals launches new corporate website
Continental hose plant in Iowa celebrates 40th anniversary

Tuesday, October 03, 2017
4th Europe Rubber Processing Week 2017 to be held in Amsterdam
Exhibitors sought for the rubber industry career fair during the International Elastomer Conference
Goodyear honored for having one of the best workforce wellness programs in U.S.
Cooper Standard hosting Manufacturing Day events throughout October
Lanxess announces price increase for urethane products worldwide
Apollo Tyres denies report it is trying to acquire Kuhmo Tire

Monday, October 02, 2017
Disposable gloves market forecast to reach $7.85 billion by 2019
DowDuPont brings new ethylene facility online to be followed by next generation EPDM facility
LWB Machinery announces the appointment of national sales manager
Toyo Tires to expand tire production capacity in the U.S. and Malaysia
TechnoBiz holds Tire Technology training course in Bangkok in December

Friday, September 29, 2017
Trinseo announces price increase for styrene butadiene and styrene acrylate product lines in North America
Momentive expands distribution agreement with Safic-Alcan in Europe
Synthomer acquires BASF's Austrian SBR business for €30 million
Organic peroxide market forecast to reach $1.06 billion by 2022
Boeing certifies Goodyear's Flight Radial tire for the 777x

Thursday, September 28, 2017
R.D. Abbott to feature new technical innovations and services at IEC
Cooper Tire reaching out to 10,000 students for National Manufacturing Day events in October
European Commission adds natural rubber to its critical raw materials list
Goodyear introduces airless tire technology for commercial mower applications
Elastomers professionals from across the silicone elastomers and TPE industries to gather in Munich this November

Wednesday, September 27, 2017
Italy sees sustained growth for manufacturers of rubber processing machinery and equipment
Booth reservations now open for GRTE 2018 being held in Bangkok
Goodyear recognized as one of the top military suppliers
Vietnam Rubber Group plans to raise $563 million in IPO share sale
Malaysia expects rubber exports to hit $4.75 billion target

Tuesday, September 26, 2017
Preferred Compounding acquires Kleen Polymers
Silicone structural glazing market forecast to reach $43.95 billion by 2022
HF Mixing Group enlarges its mixing room solutions capabilities
Training program for thermoplastic foams and foam extrusion to be held in Tampa
Bridgestone celebrates 50th anniversary of operations in Thailand

Monday, September 25, 2017
Nishikawa Rubber agrees to settle class-action lawsuit for price fixing
BASF agrees to acquire Solvay's polyamides business for €1.6 billion
Showa Denko completes construction of BMC plant in China
ISO issues new standards to determine bio-based content of rubber products
Bridgestone donates $1 million to American Red Cross for hurricane relief

Friday, September 22, 2017
Birla Carbon awarded 10 students from Kennesaw State University with sponsored scholarships
Book of the day - Rubber Molding Principles
Goodyear acquires Ventech Systems GmbH
ASTM International president emphasizes partnerships at the general assembly of the ISO
Silicone defoamer market in India forecast to reach $299 million by 2024

Thursday, September 21, 2017
Liquid silicone rubber market to grow due to enhanced adoption for diverse end-use applications
Reminder - International Elastomer Conference housing closes September 22
Researcher use acrylic elastomers to create flexible water-proof solar cells
Goodyear and Case Western Reserve launch shared mobility innovation competition
Silicone Elastomers and Thermoplastic Elastomers World Summits to be held November 28-29 in Munich

Wednesday, September 20, 2017
Technavio announces top five leading vendors in the global silicone elastomers market from 2017-2021
Columbia University researchers developed a silicone based 3D-printable synthetic soft muscle
Engel opens MuCell Competence Center for structural foam in Stuttgart
Global rubber coated fabrics market forecast to reach $2 billion by 2022
AdvantaPure introduces AdvantaSil High Pressure unreinforced silicone tubing

Tuesday, September 19, 2017
Bridgestone Corporation named to the Dow Jones Sustainability World Index two years in a row
Michelin Scorcher tires are original equipment on select Harley-Davidson motorcycles
Global silicone elastomers market is forecast to grow at a CAGR of 6.52 percent
Continental employee at Lincoln, NE, plant celebrates 50-year anniversary
Davis-Standard acquires Maillefer International




Todays Headlines



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