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January 5, 2017
By: Catherine Diamon
Solvay has agreed to sell its Formulated Resins business to ALTANA AG’s ELANTAS PDG Inc. Under the agreement, Solvay’s global business unit Technology Solutions will divest the business line which generated sales of $20M (USD) in 2015. The divestment includes the Formulated Resins product portfolio, the manufacturing and R&D facility based in Olean, New York USA, and all associated technical, commercial and administrative staff. “The divestment represents a strong strategic fit for both Solvay and ELANTAS,” commented Michael J. Radossich, President, Solvay Technology Solutions. “This transaction enables Technology Solutions to further extend our leadership position in our core polymer additives business. In ALTANA, the Formulated Resins business has a strategic buyer to position it for continued growth.” The Formulated Resins portfolio mainly entails the CONAP brand epoxy resin and polyurethane product systems and serves electronics, electrical and specialty adhesives markets. Completion of the transaction is subject to customary closing conditions, including antitrust approvals, and is expected in the first half of 2017.
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