The International Chamber of Commerce's arbitration tribunal has determined that Edison, the former owner of Solvay's Spinetta Marengo and Bussi sul Tirino sites, is liable for breaching environmental representations and warranties in its sale to Solvay in 2001.

 

The partial decision, issued on June 22, ordered Edison to compensate Solvay for losses and damages incurred up to the end of 2016. It reserved its decision on additional losses and damages from 2017 onwards, including the interest applicable to the amount awarded and the costs of litigation, for another possible phase of arbitration proceedings.

 

The decision comes after years of international arbitration by Solvay claiming that Edison is liable for breaches of the environmental conditions and provisions contained in the Share Purchase Agreement of December 2001. This agreement resulted in Solvay's acquisition in 2002 of the Italian company Ausimont SpA, which at that time was owned by (Mont)Edison.

 

"The outcome of the arbitral sentence is very important for Solvay as it recognises the deliberate misrepresentations we experienced during the acquisition process. This did not prevent Solvay from undertaking necessary important remedial actions over many years. It’s a further illustration of our commitment to do what is right in terms of the environment and to pursue our rights when we consider that others are at fault", said Marco Colatarci, Country Manager Italy, Solvay.

 

"At Solvay, we constantly strive to go above and beyond regulations with respect to health, safety and the environment. In recent years, we invested heavily in optimizing and modernizing our plants to meet the standards we set ourselves. Our sustainability priorities are guided by Solvay One Planet, our sustainability roadmap with ambitious targets to drive progress across climate, resources and a better life", said Augusto Di Donfrancesco, Chief Transformation and Operations Officer (CTOO) and member of the Executive Leadership Team (ELT).