Solvay Fluoropolymers to be sold to Dyneon
29 Aug 2002
Solvay America and Dyneon (a wholly-owned subsidiary of 3M) have entered into a binding letter of intent for the sale of the North America-based Solvay Fluoropolymers to Dyneon subject to final regulatory approvals.
The financial details of the transaction were not released.
Solvay Fluoropolymers sells a line of polyvinylidene fluoride (PVDF) homopolymers and copolymers and has manufacturing facilities in Decatur, AL. Those facilities include a 50% interest in Alventia LLC, a joint venture with Dyneon that produces VF2 - a building block of PVDF, a material used primarily in the wire/cable and chemical processing industries The PVDF facility began operations during the fourth quarter of 2000. The transaction would involve the transfer of the company's employees to Dyneon.
The transaction was initiated in response to divestiture orders of US and European regulatory authorities which arose from Solvay's acquisition of Ausimont earlier this year.
If approved by relevant regulatory authorities, the sale of Solvay Fluoropolymers to Dyneon is anticipated to close before the end of 2002.
The acquisition of Ausimont, after the divestiture of Solvay's Decatur facilities, approximately doubles the size of the Solvay Group's fluorospecialties business while expanding its product portfolio.
