SOLVAY and LPW finalize their agreement to buy business activities from each other


Solvay (Brussels, Belgium) and LPW (Langbein-Pfanhauser Werke AG, Düsseldorf, Germany) have successfully concluded the transaction first announced last June ( See press release of June 18, 2001).

After respective due diligence, workers consultation procedures and Board approvals, the final agreement was signed by both parties in Brussels.

Pursuant to this agreement, SOLVAY will take over the industrial foils business of Cova Products Ltd in the United Kingdom, as well as Cova Products Inc. in the United States, and LPW will acquire SOLVAY's decoration business, including Alkor Deco (Germany), Vénilia (France), Veninov (France), Boekelo Decor (The Netherlands) and their commercial subsidiaries.

The closing of the transaction will be subject to appropriate clearance by the relevant national authorities.

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