Diverse chemicals business to concentrate on ‘high value-added’ sectors, while Daikin gets stronger refrigerant foothold in Europe
Solvay has agreed to sell its German-based refrigerant business and pharma propellants to Daikin in Japan, as its Special Chemicals Global Business Unit gear its activities towards selective high value-added segments in fluorine specialties and high purity chemicals.
The sale gives Daikin a valuable refrigerant production foothold in Europe, bringing it much sought-after additional quota to produce HFCs under the F-Gas phase-down regime.
Solvay’s Global Business Unit (GBU) Special Chemicals will divest all of its businesses on its site in Frankfurt. About 75 employees will be transferred to Daikin. Completion of the transaction is subject to customary closing conditions, including regulatory clearance in Germany and Austria.
Bernd Wilkes, President of Solvay’s GBU Special Chemicals said: “The past 18 months have shown Solvay Special Chemicals’ good progress in the execution of its refocused growth strategy. Portfolio reviews will continue to single out markets that require distinctive know-how, looking to reinforce our innovations and develop as a niche player along with our partners.”