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Solvay S.A.

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Not to be confused with the Swiss mining company Solway Group.
This article is about the company named Solvay S.A. or Solvay Group. For other uses, see Solvay.
Solvay NV/SA
Company typePublic
Euronext Brussels: SOLB
BEL 20 component
CAC Next 20 component
ISINBE0003470755 Edit this on Wikidata
IndustryChemicals
Founded1863; 161 years ago (1863)
FounderAlfred and Ernest Solvay
HeadquartersNeder-Over-Heembeek, Brussels, Belgium
Key people
Pierre Gurdijan (Chairman),[1] Philippe Kehren (CEO)
ProductsChemicals [2]
Revenue
  • €10.3 billion (2018)[3]
  • €8.9 billion (2020)[4]
€4.880 million (2023) [5]
€278 million (2023) [6]
€618 million (2020)
€2,105 million (2023)[7]
Total assets
  • €22,000 million (2018)[3]
  • €16,792 million (2020)[4]
Total equity
  • €10,624 million (2018)[3]
  • €7,360 million (2020)[4]
Number of employees
  • 24,500 (2018)[8]
  • 23,000 (2020)[9]
Websitewww.solvay.com

Solvay is a Belgian multinational chemical company established in 1863, with its headquarters located in Neder-Over-Heembeek, Brussels, Belgium. Since the end of 2023, following its demerger with the creation of the new Syensqo entity, Solvay has specialized in essential chemistry and employs over 9,000 people in 40 countries.[10]

History

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The historic establishment in Couillet, Belgium
Medal cast in 1913 to commemorate the 50th anniversary of Solvay and Company. Text (in French) reads "Ernest et Alfred Solvay".

Founded in 1863,[11] by Ernest Solvay and his brother Alfred Solvay to produce sodium carbonate by the Solvay process, the company has diversified into two main sectors of activity: chemicals and plastics. Before World War I, Solvay was the largest multinational company in the world.[12][needs independent confirmation] It was formerly also active in pharmaceuticals, but agreed to sell that entire division to Abbott Labs for €4.5 billion in September 2009,[13] a deal completed in February 2010.

In April 2011, the firm agreed to the €3.4 billion acquisition of French-based chemicals company Rhodia[14] which was completed in September 2011.

Since January 2012, the new Solvay is listed on the NYSE Euronext in Paris and joined the CAC 40 index in September 2012.[15] Solvay is historically listed on the NYSE Euronext in Brussels and part of BEL20 index.

Following its integration with Rhodia, the Committee of Executive Members at Solvay reorganised its various business units into five segments – Consumer Chemicals, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, effective from 2013.[16]

The company is a supporter of the Solvay Conferences that were started by Ernest Solvay in 1911.[17]

On December 3, 2015, Solvay launched a share issue sent to existing shareholders, completing funding for the $5.5 billion purchase of Cytec Industries Inc.[18]

On December 8, 2023, shareholders approved the plan to spin off Solvay into two independent, publicly listed companies: Solvay and Syensqo.
The aim of the separation was to provide each company with the independence and flexibility to pursue distinct strategies. The traditional activities, such as soda, hydrogen peroxide and adhesives, will continue under the Solvay name and will be led by Philippe Kehren. The other activities, such as plastics for electronics and rechargeable batteries, have been transferred to a new company called Syensqo (pronounced: science-co).
The products in Syensqo have a higher growth potential, with Ilham Kadri as CEO. Solvay continues with 9,000 employees and a turnover of €5.6 billion per year. Syensqo starts with 13,200 employees and an annual turnover of €7.9 billion. On Monday, December 11, Syensqo shares were listed on the stock exchange and are included in the BEL 20 share index.[19][20]

Corporate affairs

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Solvay America offices in Houston, Texas

The company's head office is located in Brussels, Belgium.[21] It was previously in Ixelles, Brussels[22]

Solvay's United States subsidiary, Solvay America, Inc., is based in Houston, Texas.[23][24]

Executive committee

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  • Philippe Kehren : Chief Executive Officer;
  • Alexandre Blum : Chief Financial Officer;
  • Lanny Duvall : Chief Operations Officer;
  • Dr. Mark van Bijsterveld : Chief People Officer;
  • Lisa Brown : General Counsel and Corporate Secretary.[25][26]

Products

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Solvay is a main partner of Solar Impulse and has contributed research and development resources to their solar powered airplane project. That aircraft conducted its first test flight on 3. December 2009, and since then has made solar-powered flights from Switzerland to Spain and Morocco in 2012.[27]

In 2015–2016, Solar Impulse 2 flew around the world, the first such journey by a solar-powered aircraft.[28]

Fuel cell technology

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SolviCore, a joint venture by Umicore and Solvay in the field of fuel cells is already pre-marketing membrane-electrode assemblies for different types of fuel cells for portable or mobile use.[29] New generation lithium batteries for hybrid vehicles components make use of Solvay fluorinated polymers in order to reduce carbon dioxide emissions.[30]

Soil remediation

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Novosol is a sodium bicarbonate-based process for treating and recovering mineral residues contaminated with heavy metals.[31]

Renewable feedstock

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Solvay is working on the development and industrialization of the proprietary Epicerol process for manufacturing epichlorohydrin from natural glycerin.[32]

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Solvay Specialty Polymers USA, LLC is currently under litigation for its per- and polyfluoroalkyl substances (PFAS) contamination of water sources and soil. PFAS, a group of more than 4,000 compounds used in nonstick cookware, stain-resistant fabrics, firefighting foam and a range of other products,[33] do not break down in the environment, and therefore accumulate in the body. They have been linked to cancer, fertility problems, liver damage, high cholesterol, and other health problems.[34][35]

In November 2020, the New Jersey Attorney General announced its filing of two lawsuits "to compel the clean-up of contamination and recover Natural Resource Damages (NRDs)", one of which is against Solvay Specialty Polymers USA, LLC and Arkema Inc., alleging they are "two companies responsible for widespread contamination from toxic per- and polyfluoroalkyl substances (PFAS) emanating from a Gloucester County facility, which has contaminated public drinking water in the region."[36] This is part of an ongoing and growing investigation.[37][38][39][40]

Solvay impeded the availability of an analytical standard by legal maneuver.[41]

See also

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References

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  1. ^ Nouvelle, L'Usine (3 November 2023). "Philippe Kehren deviendra directeur général de Solvay après la scission en deux entreprises".
  2. ^ "Les investisseurs plébiscitent la chimie de spécialité de Solvay". 11 December 2023.
  3. ^ a b c "Consolidated Financial Statements in 2018 Annual Integrated Report" (PDF). Solvay. Archived from the original (PDF) on 2019-12-24. Retrieved 2019-12-24.
  4. ^ a b c "Consolidated Financial Statements in 2020 Annual Integrated Report" (PDF). Solvay.
  5. ^ "Solvay 2023 net sales down 12.6% due to volume decline".
  6. ^ "Données financières sur la société Solvay - BFM Bourse". www.tradingsat.com. Retrieved 2024-12-26.
  7. ^ "Résultats entreprise SOLVAY, chiffre d'affaires (CA) et bilan SOLVAY SOLB Euronext Bruxelles - Boursorama".
  8. ^ "Key Figures in 2018 Annual Integrated Report". Solvay.
  9. ^ "Key Figures in 2020 Annual Integrated Report" (PDF). Solvay.
  10. ^ "Solvay entame une ère nouvelle après la scission de Syensqo". Zone Bourse. December 11, 2023.
  11. ^ "Solvay 150 Years History". Archived from the original on 2013-06-22. Retrieved 2013-07-04.
  12. ^ "Tilting the global balance: An interview with the CEO of Solvay | McKinsey". www.mckinsey.com. Archived from the original on 2019-10-07. Retrieved 2019-11-28.
  13. ^ Gray-Block, Aaron; Blenkinsop, Philip (28 September 2009). "Abbott buys Solvay's drugs unit for 4.5 bln euros". Reuters. Retrieved 2009-09-28.
  14. ^ Gray-Block, Aaron (4 April 2011). "Solvay bids 3.4 bln euros for France's Rhodia". Reuters. Archived from the original on 7 April 2011. Retrieved 4 April 2011.
  15. ^ "Peugeot dropped from French index". BBC News. September 7, 2012.
  16. ^ "Full year 2014 financial report". Solvay. Archived from the original on 5 April 2017. Retrieved 1 March 2014.
  17. ^ "Solvay Conferences Fundings". Archived from the original on 2013-10-18. Retrieved 2013-07-06.
  18. ^ "Solvay launches 1.5 bln euro rights issue for Cytec buy". Reuters. 2015-12-03. Archived from the original on 2015-12-05. Retrieved 2015-12-04.
  19. ^ "Syensqo spinoff starts trading at almost €10 billion value". Bloomberg. 11 December 2023. Retrieved 2024-09-25.
  20. ^ "Syensqo and Solvay's $1.7 billion surge makes case for Spinoffs". Bloomberg. 12 December 2023. Retrieved 2024-09-30.
  21. ^ 2017 Annual Integrated Report Archived 2019-02-04 at the Wayback Machine "Solvay SA Rue de Ransbeek, 310 1120 Brussels Belgium"
  22. ^ "Solvay Headquarters access map Archived 2011-09-27 at the Wayback Machine." Solvay. Retrieved on 5 July 2011. "Rue du Prince Albert, 33 - 1050 Ixelles"
  23. ^ "Solvay News & Press Regional contacts Archived 2011-08-08 at the Wayback Machine." Solvay. Retrieved on 5 July 2011. "Solvay America, Inc. 3333 Richmond Avenue Houston TX 77098-3009"
  24. ^ "Harris County Improvement District #3Archived 2008-10-30 at the Wayback Machine." (see map) Upper Kirby. Retrieved on December 10, 2008.
  25. ^ "Profil de la société". Les Echos. Retrieved 2024-12-22.
  26. ^ "Executive Committee". Retrieved 2024-12-22.
  27. ^ "Partners". Archived from the original on 2011-07-26. Retrieved 2010-02-25.
  28. ^ "Solar Impulse completes historic round-the-world trip". BBC News. 26 July 2016. Retrieved 29 January 2021.
  29. ^ "Présentation SolviCore". Archived from the original on 2009-12-12. Retrieved 2009-11-23.
  30. ^ Lithium batteries for hybrid vehicles[permanent dead link‍]
  31. ^ "Solvay Investor Relations". Solvay. Archived from the original on 2019-07-16. Retrieved 2019-11-28.
  32. ^ "Newsroom". Solvay. Archived from the original on 2019-07-17. Retrieved 2019-11-28.
  33. ^ "PFAS Factsheet" (PDF). Archived from the original (PDF) on 2020-08-06.
  34. ^ "Availability of Draft Toxicological Profile: Perfluoroalkyls". Federal Register. 22 June 2018. Retrieved November 18, 2020.
  35. ^ "What are the health effects of PFAS?". Agency for Toxic Substances and Disease Registry (ATSDR). June 24, 2020. Retrieved November 18, 2020.
  36. ^ "Attorney General, DEP Commissioner Announce Two New Natural Resource Damage Lawsuits over Contamination of Riverfront Sites". Office of The Attorney General, State of New Jersey. November 10, 2019. Retrieved November 18, 2020.
  37. ^ "New Jersey Is Making Companies Pay for Toxic Contamination - Shining a New Light on a Little-Known Offender". The Intercept, Type Investigations. March 27, 2019. Retrieved November 18, 2020.
  38. ^ "New PFAS Chemical Contamination Discovered in New Jersey". The Intercept. 4 June 2020. Retrieved November 18, 2020.
  39. ^ "Replacement for PFAS found in soil in New Jersey". Science X, phys.org. 5 June 2020. Retrieved November 18, 2020.
  40. ^ "Solvay Withholds Data About Toxic PFAS Pollution in New Jersey". The Intercept. 17 November 2020. Retrieved November 18, 2020.
  41. ^ "A tale of PFAS, pollution, and patent claims". cen.acs.org. Retrieved 2021-03-28.
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