Shareholders support the creation of Solvay and Syensqo

Shareholders support the creation of Solvay and Syensqo

The new Solvay and Syensqo, is now confirmed

  • By ICN Bureau | December 08, 2023

Solvay SA/NV held its Extraordinary General Shareholders’ Meeting in Brussels with record shareholder participation.

All proposed resolutions were massively approved by shareholders, including the company’s partial demerger.

With this clear and positive outcome, the separation of Solvay into two independent companies, the new Solvay and Syensqo, is now confirmed and will be effective at midnight.

Nicolas Boël, Chairman of the Board, highlighted the historical decision made at the meeting today: “This moment marks the culmination of the profound re-organisation that Solvay has undergone in recent years under the leadership of CEO Dr. Ilham Kadri. This transformational project of creating two new industry champions, which we began 18 months ago, has been possible due to the tremendous efforts and commitment of our teams who have consistently delivered strong results for our stakeholders. Importantly, both companies begin their independent journeys with strong balance sheets which will support their future growth.

In a world of perpetual change, the status quo is never an option. As the G.R.O.W strategy delivered on its targets ahead of schedule, the Board took the bold step to initiate the next stage of Solvay’s transformation in its 160-year journey. The creation of two independent companies will unlock further value to our stakeholders. It will sharpen our strategic focus, bring new growth opportunities, allow us to allocate capital more efficiently, and build even stronger foundations for the future.”

“I would like to thank the shareholders and board members for their trust and overwhelming support in this ambitious new chapter for the history of the company, as well as our teams who made it happen. I am delighted to be able to lead Syensqo to explore new frontiers to create the chemistry and technologies needed to advance humanity as well as accelerating its growth. I also wish Philippe Kehren great success in leading the new Solvay to maximize profitability and sustain strong cash generation and returns.” said Ilham Kadri, CEO of Solvay.

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