Solvay acquires US petrochemicals firm Chemlogics in US$1.3 bil. deal
AFPBRUSSELS--Belgian group Solvay said on Monday it had acquired U.S. specialist chemicals company Chemlogics for US$1.3 billion (1.0 billion euros) in a deal intended to boost profits from next year.
October 8, 2013, 12:08 am TWN
Chemicals giant Solvay said that Chemlogics specializes in products for the U.S. oil and gas industry and had annual sales of US$500 million.
The takeover will generate significant synergies and enable Solvay to offer a more complete product range in a U.S. oil and gas extraction market worth US$8.0 billion overall, it said.
It also reflected the company's new strategy to focus on high-growth sectors with wider profit margins, it added.
Solvay is a manufacturing consortium which maintains operations in chemicals and plastics. It sold a pharmaceuticals arm in 2010.