SOLVAY SA announces today that it has closed on March 31st the sale of its Industrial Foils business to RENOLIT AG, following the relevant social procedures and approval of the European competition authorities (see press release of February 23, 2006). The activities concerned include the production, marketing and sales of plastic foils.
As already announced, the agreed price of the transaction between SOLVAY and RENOLIT is EUR 330 million.
RENOLIT A.G. is an international leader in the manufacture of high-quality thermoplastic films for the purpose of surface finishing and for other technical applications. This independent family-run business, which has been setting benchmarks for quality and innovation for 60 years, now employs a workforce of 4,000 employees at its 30 locations. The RENOLIT brand enjoys a worldwide reputation for technical expertise, modern product design and customer-orientated service. (www.renolit.com)
SOLVAY is an international chemical and pharmaceutical Group with headquarters in Brussels. It employs some 30,000 people in 50 countries. In 2005 its consolidated sales amounted to EUR 8.6 billion generated by its three activity sectors: Chemicals, Plastics and Pharmaceuticals. SOLVAY is listed on the Euronext 100 index of top European companies. Details are available atwww.solvay.com.
