Solvay in Agreement With Dyneon to Sell Solvay Fluoropolymers Inc.

28-Aug-2002

Aug. 27, 2002 -Solvay America Inc. and Dyneon LLC (a wholly-owned subsidiary of 3M) have entered into a binding letter of intent for the sale of the North America-based Solvay Fluoropolymers Inc. to Dyneon, subject to final regulatory approvals. The financial details of the transaction will not be released. Solvay Fluoropolymers sells a line of polyvinylidene fluoride (PVDF) homopolymers and copolymers and has manufacturing facilities in Decatur, Ala. Those facilities include a 50% interest in Alventia LLC, a joint venture with Dyneon that produces VF2 -- a building block of PVDF. The PVDF facility began operations during the 4th quarter of 2000.The transaction would involve the transfer of the company's employees to Dyneon. PVDF materials are used primarily in the wire/cable and chemical processing industries. The pending transaction reflects Dyneon's interest in growing its fluoropolymers business. Jim Gregory, president, Dyneon LLC, said, "The acquisition is a tangible demonstration of our commitment to the fluoropolymer industry. It sends a strong message that Dyneon is investing in the future, and is prepared to provide global leadership in this industry." The transaction was initiated in response to divestiture orders of U.S. and European regulatory authorities which arose from Solvay S.A.'s acquisition of Ausimont S.p.A. earlier this year. If approved by relevant regulatory authorities, the sale of Solvay Fluoropolymers Inc. to Dyneon LLC is anticipated to close before the end of 2002. The acquisition of Ausimont, after the divestiture of Solvay's Decatur facilities, approximately doubles the size of the Solvay Group's fluorospecialties business while expanding its product portfolio.

https://www.chemeurope.com/en/news/13565/solvay-in-agreement-with-dyneon-to-sell-solvay-fluoropolymers-inc.html