Solvay today announces that in line with its strategy of growing in emerging markets, its Dutch subsidiary Solvay Chemicals and Plastics Holding B.V. is launching a tender offer on the shares of Vinythai, the Thai Vinyl and Chlor-alkali producer. Solvay’s participation in Vinythai recently has crossed the threshold of 50% of the shares of its Thai subsidiary. The tender offer price is 6.15 Thai Baht per share, and the offer period will run from December 16th 2009 to January 21st 2010. Solvay has no intention to increase the price or to extend the term of the Tender Offer.
The offer will allow Solvay to support the development of Vinythai’s businesses, including the Epicerol® project recently transferred to Vinythai. Epicerol® is an innovative and environment friendly production process for epichlorohydrin, protected by 38 patent applications, some of them already granted in different parts of the World. It is based on the transformation of natural glycerine mainly obtained as by-product from the production of biofuels.
Epichlorohydrin is an essential feedstock for the production of epoxy resins, increasingly used in applications such as corrosion protection coatings as well in the electronics, automotive or aerospace industry. Demand for epichlorohydrin to produce wind turbine blades of windmills is also soaring.
VINYTHAI is a Vinyl and Chlor-alkali producer listed on the Stock Exchange of Thailand. Its major shareholders are the Solvay Group (50%), PTT Chemical Public Company (24.98%), and the Charoen Pokphand Group (11.87%). In 2008 Vinythai recorded total revenues of 13,312 MTHB (EUR 275 million) and booked a net profit of 1,035 MTHB (EUR 21 million). Vinythai employs 390 people.
SOLVAY is an international industrial Group active in Chemistry. It offers a broad range of products and solutions that contribute to improving quality of life. The Group is headquartered in Brussels and employs about 19,000 people in 50 countries. In 2009, its consolidated sales amounted to EUR 8.5 billion. Solvay is listed on the NYSE Euronext stock exchange in Brussels (NYSE Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR). Details are available at www.solvay.com.
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