Solvay and Syensqo are effectively two separate companies

(Picture from Solvay internet website)

Solvay has completed the spin-off its specialty activities to Syensqo, a pivotal moment in its rich history. This move marks a significant strategic shift for the Group, positioning it as a frontrunner in essential chemicals on a global scale. It prepares Solvay to enter a new stage of sustainable growth, sharpening its focus on core business areas and reaffirming its dedication to market leadership, decarbonization, and social responsibility.

Pierre Gurdjian, Chairman of the Solvay Board conveyed enthusiasm about the completion of the spin-off, stating: "I'm excited about the successful spin-off, a strategic move that underscores our commitment to long-term value. This decision reflects our dedication to creating sustained value for stakeholders and ensuring Solvay's ongoing success. Collaborating with experienced and highly qualified directors, we're positioned to closely work with the executive leadership team, establishing Solvay as a leader in essential chemicals. The prevailing megatrends present compelling opportunities for enhancing value. Leveraging our leadership and insight, we will confidently guide Solvay into the future.”

Philippe Kehren, Solvay CEO, added: "At Solvay, our mission is to harness the power of chemistry to create sustainable products for the world's most pressing challenges. Our commitment involves introducing process innovations and sustainable products, all while minimizing our environmental footprint. With the simplification driven by the separation, Solvay is poised to reinforce its track record of achieving robust top-quartile industry margins, generating cash, and delivering attractive returns. Our aim is to create enduring value for employees, communities, customers, and shareholders through our integrated approach.”

On November 13, 2023, Solvay unveiled its forward-looking vision during its Capital Market Day, outlining ambitious financial targets for 2028. Emphasizing sustainability, Solvay's roadmap underscores the Group’s commitment to a fair transition and environmental responsibility, with a proactive aim to achieve carbon neutrality by 2050. In its transition to cleaner energy, Solvay is eliminating coal usage by 2030 wherever renewable alternatives exist, with a notable goal of achieving coal-free energy at 5 of its 7 soda ash plants by 2025. Beyond reducing its own emissions, Solvay is committed to a 20% reduction in emissions along the value chain by 2030.