Syensqo, the speciality chemicals firm that is planned to be split out from Solvay, has presented its mid-term financial targets and sustainability commitments at its inaugural capital markets day. The separation is subject to shareholder approval at an extraordinary general meeting approval in Brussels on 8 December. Meanwhile the Belgian Financial Services & Markets Authority has approved a prospectus relating to listing Syensq’s shares on Euronext Brussels and Euronext Paris.
Solvay has published materials for an extraordinary shareholders’ meeting, including details of the executive leadership nominations for when it splits into two firms. The meeting will be held in Brussels on 8 December for shareholders to approve the split, which has been unanimously recommend by the board and the executive leadership.
Solvay has announced the names of the two companies that will emerge after its planned separation into ‘essentials’ and ‘speciality’ businesses. This process is on track to be completed in December 2023, subject to customary conditions. Further updates will follow.
The ‘essentials’ business will continue under the name Solvay and will comprise the existing mono-technology businesses including Soda Ash, Peroxides, Silica, Coatis and Special Chem. These had combined net sales of about €5.6 billion in 2022.