BRUSSELS--(BUSINESS WIRE)--Solvay announced today that it has sold its Ionquest® 290 solvent extraction product line used in mining applications and its octylphosphonic acid (OPA) product lines to Italmatch Chemicals. With this sale Solvay satisfies all remaining obligations set forth by the European Union regarding the approval of its acquisition last year of Cytec Industries.
“We are confident that Italmatch’s expertise and commitment to its customers will ensure that the Ionquest® 290 and OPA businesses will continue to thrive and meet the market’s needs,” commented Michael J. Radossich, President, Solvay Technology Solutions global business unit. “Customer satisfaction and a seamless transition have always been our main focus and priority in this process.”
Solvay will continue to invest in and grow its remaining mining solutions portfolio. The sale is expected to close before the end of the quarter pending customary requirements and regulatory review.
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 CO2 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 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLB.BR).