Solvay: Sale of Process Materials business to Composites One
Solvay announced that it has entered into exclusive negotiations with Composites One LLC for the sale of its Process Materials (PM) business. According to the company, the transaction remains subject to prior information and consultation procedures with the employees and approval by the relevant regulatory authorities. Closing of the transaction is expected in Q1 2021.
The PM business provides a broad array of vacuum bagging materials including bagging films, breather fabrics, release films and fabrics, peel plies, sealant tapes plus valves and hoses. Additionally, the business is a leader in the manufacture of tailored consumable kits and hard and soft tooling.
Solvay has significantly strengthened the Process Materials business over the last several years. The proposed transaction will deliver value for our shareholders and enable Solvay to continue focusing on our core composites technology portfolio. The Process Materials employees and customers will greatly benefit from this business being part of Composites One’s established and recognised distribution infrastructure. Composites One’s intent is to grow and invest in the business, fostering innovation, reliability and customer service and building on the excellent work our teammates have done so far.” said Carmelo Lo Faro, President of Solvay Composite Materials Global Business Unit.
“As their distributor for over two years, we have worked closely with Solvay’s knowledgeable leadership and team members and have seen their focus on serving customers – we know this business is an excellent addition to Composites One. Through their outstanding team, the Process Materials business provides us with a global connection to wind and aerospace customers,” said Steve Dehmlow, CEO of Composites One.