BRUSSELS—Solvay S.A. has completed the sale of its German-based refrigerant activities and pharma propellants to Daikin Industries Ltd., as its Special Chem Global Business Unit is refocusing on selective high value-added segments in the growing automotive and electronics markets.
In an announcement earlier this month, the Belgian company said the divestment entailed all of Special Chem's businesses on its site in Frankfurt and the transfer of about 75 employees to Daikin.
Special Chem is the newly created GBU that groups Solvay's GBUs special chemicals, rare earth systems as well as the fluorine business of the aroma performance GBU.
“This combination enhances the GBU's innovation power and its position in fluor specialties, high purity electronic chemicals and auto-catalysts,” the company said.
Special Chem is headquartered in Seoul, South Korea, with $957 million in sales and 3,100 employees worldwide.