MOSCOW (MRC) — Solvay has completed the divestment of its cellulose acetate tow business, Acetow, to private equity funds managed by Blackstone, said the prodcer on its site.
The transaction is based on an enterprise value of around EUR1 billion, resulting in net financial debt reduction of some EUR0.7 billion.
As MRC informed before, in late 2016, Solvay completed the sale of its 70.59% stake in Solvay Indupa to Brazilian chemical group Unipar Carbocloro, following the approval earlier this month of the Brazilian antitrust authority CADE.
Besides, in early July 2016, Solvay completed the divestment of its shareholding in Inovyn (London), bringing to an end Solvay’s chlorvinyls joint venture with Ineos. Solvay received exit cash proceeds amounting to EUR335 million (USD370.7 million). The dissolution of the jv follows regulatory clearances from the relevant authorities.
Inovyn was formed on 1 July 2015 as a jv between Ineos and SolVin, a subsidiary of Solvay. Solvay and Ineos signaled their decision to end their chlorvinyls jv in March this year.
Solvay is headquartered in Brussels with about 27,000 employees spread across 58 countries. It generated pro forma net sales of EUR10.9 bn in 2016, with 90% made from activities where it ranks among the world’s top 3 players.