Solvay and Plastic Omnium announce today that they have signed a binding agreement for the sale of Solvay’s 50% stake in Inergy Automotive Systems to Plastic Omnium. Solvay will receive EUR 270 million in cash for the shares. For Solvay the deal represents an Enterprise Value of about EUR 330 million for its 50% stake when taking into account the assumption of debt and other liabilities for an adjusted value of about EUR 60 million.

The capital gain for Solvay will be part of subsequent communication after closing of the transaction. The closing is expected in September or October 2010, after obtaining the usual antitrust authorizations. 

Inergy Automotive Systems is the world’s number one supplier of integrated fuel tank systems. The joint venture employs approximately 4000 people worldwide and operates 24 manufacturing facilities in 18 countries. Its sales amounted to about 900 million EUR in 2009. 

"This important strategic step will allow Solvay to concentrate its efforts in automotive applications on developing and delivering high-added value specialty polymers. These polymers can replace heavier materials and thus save fuel and reduce emissions," says Claude Thibaut de Maisières, Senior Executive Vice President at Solvay Group. "This transaction illustrates our strategic focus on concentrating our product portfolio on a limited number of selective core businesses", adds Jacques van Rijckevorsel, Group General Manager of the Plastics Sector and member of the Executive Committee of Solvay Group.