By: ICN Bureau
Last updated : March 05, 2023 11:31 am
The agreement is based on a purchase price for Solvay’s 50% stake of around €430 million.
Solvay announced that it has agreed on final terms to sell its 50% stake in the RusVinyl joint venture to its joint venture partner Sibur.
Upon completion, the divestment will represent another important milestone in the transformation of Solvay’s portfolio, and will mark the final step in the Company’s strategy to exit its cyclical global polyvinyl chloride (PVC) operations.
The agreement is based on a purchase price for Solvay’s 50% stake of around €430 million. A capital loss of around €175 million will be recognized on completion mainly reflecting the crystallization of historic currency translation balances.
The completion of the transaction is expected to take place towards the end of the first quarter 2023.