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[ Star Enterprise of Chemical Machinery and Equipment Network ] According to public information, EssentialCo will cover a single technology business, including soda ash and derivatives, peroxides, silica and consumer chemicals, high-performance fabrics and industrial services.
These businesses currently belong to Solvay's chemicals segment, while EssentialCo will also continue the specialty chemicals business, which will generate net sales of approximately EUR 4.
1 billion in 2021
.
In addition, EssentialCo will accelerate its energy transition, starting with its soda ash business, to play a key role in achieving carbon neutrality by 2050
.
Chemical Machinery Equipment Net Star Enterprise Chemical Machinery EquipmentThese businesses currently belong to Solvay's chemicals segment, while EssentialCo will also continue the specialty chemicals business, which will generate net sales of approximately EUR 4.
1 billion in 2021
.
In addition, EssentialCo will accelerate its energy transition, starting with its soda ash business, to play a key role in achieving carbon neutrality by 2050
.
SpecialtyCo will inherit Solvay's current Materials segment, including its high-growth, high-margin specialty polymers, high-performance composites, and most of its Solutions segment, including consumer and industrial specialty chemicals, technology solutions, fragrances and functional chemicals, as well as oil and gas, which together generate net sales of around EUR 6 billion in 2021
.
.
Ilham Kadri, CEO of Solvay, said, "The plan to split into two companies is a key step in Solvay's transformation and simplification journey
.
Since launching our GROW strategy in 2019, we have taken several actions to strengthen Financial and operational performance, enabling our portfolio to focus on higher growth and higher profit businesses and reinforcing business objectives across the organization
.
We have profoundly changed our corporate culture with a passion for performance and meritocracy
.
A successful focus on cash, costs and returns has made the Materials and Solutions segment more self-sufficient and profitable
.
At the same time, the Chemicals segment has continued to maintain its strong monetization capabilities
.
Despite the current challenges in the global environment, we We believe that the implementation of this plan will enable us to create compelling value for our shareholders over the long term
.
"
.
Since launching our GROW strategy in 2019, we have taken several actions to strengthen Financial and operational performance, enabling our portfolio to focus on higher growth and higher profit businesses and reinforcing business objectives across the organization
.
We have profoundly changed our corporate culture with a passion for performance and meritocracy
.
A successful focus on cash, costs and returns has made the Materials and Solutions segment more self-sufficient and profitable
.
At the same time, the Chemicals segment has continued to maintain its strong monetization capabilities
.
Despite the current challenges in the global environment, we We believe that the implementation of this plan will enable us to create compelling value for our shareholders over the long term
.
"
"Today's news is an important milestone for Solvay
.
Over the past decade, Solvay has undergone significant change, accelerating its transformation under llham's leadership, focusing on profitable growth and company simplification, while driving innovation and improving sustainability This exciting announcement marks
the next phase of our transformation
.
On behalf of the entire Board, I look forward to opening a new chapter in Solvay’s sustainable value creation for shareholders, customers and employees
.
” Nicolas Boel, Chairman of the Board of Solvay said
.
.
Over the past decade, Solvay has undergone significant change, accelerating its transformation under llham's leadership, focusing on profitable growth and company simplification, while driving innovation and improving sustainability This exciting announcement marks
the next phase of our transformation
.
On behalf of the entire Board, I look forward to opening a new chapter in Solvay’s sustainable value creation for shareholders, customers and employees
.
” Nicolas Boel, Chairman of the Board of Solvay said
.
