BRUSSELS—Solvay S.A. has unveiled the details of its planned separation program, which will see the Belgian chemicals major divided into two independent, publicly traded companies by the end of the year.
The group will be divided into two entities: Solvay, for essential solutions in housing, health, nutrition and mobility, and Syensqo, which will focus on specialties, including high-performance polymers, materials and consumer products.
In a statement June 16, the Brussels-based group said the production of silicas for the manufacture of tires will stay with the "new Solvay," which delivered sales of $5.8 billion and earnings (EBITDA) of $1.36 billion in 2022.
The company also will manufacture elastomer chemicals, special chemicals, peroxides, coating additives and soda ash.
Syensqo will include, among other products, specialty polymers, composites, as well as four growth platforms in batteries, green hydrogen, thermoplastic composites, and renewable materials and biotechnology.
Solvay's fluoroelastomer FKM materials will belong to Syensqo, which reported sales of $8.3 billion and earnings of about $2 billion last year.