General
Solvay completes sale of its stake in RusVinyl joint venture to Sibur
Divestment will mark the final step in the Company’s strategy to exit its cyclical global polyvinyl chloride (PVC) operations
- By ICN Bureau
| March 27, 2023
Solvay announces the completion of the sale of 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.
At the time of closing, Solvay received €433 million in cash proceeds in Belgium which will be reported in the first quarter as cash flow from investing activities (Consolidated statement of cash flows). A capital loss of €174 million will be recognized in the first quarter of 2023, mainly reflecting the crystallization of historic currency translation balances.
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