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Solvay has received a binding offer from Composites One

Solvay and Composites One, have entered an exclusive negotiation period for the acquisition of Solvay’s Process Materials business by Composites One.

Solvay has received a binding offer from Composites One
The Process Materials business provides a broad array of vacuum bagging materials including bagging films, breather fabrics, release films and fabrics, peel plies, sealant tapes plus valves and hoses. Additionally, the business is a leader in the manufacture of tailored consumable kits and hard and soft tooling.

Carmelo Lo Faro, President of Solvay Composite Materials Global Business Unit, said: 

“Solvay has significantly strengthened the Process Materials business over the last several years. The proposed transaction will deliver value for our shareholders and enable Solvay to continue focusing on our core composites technology portfolio. The Process Materials employees and customers will greatly benefit from this business being part of Composites One’s established and recognized distribution infrastructure. Composites One’s intent is to grow and invest in the business, fostering innovation, reliability and customer service and building on the excellent work our teammates have done so far.”

Steve Dehmlow, CEO of Composites One commented:

“As their distributor for over two years, we have worked closely with Solvay’s knowledgeable leadership and team members and have seen their focus on serving customers – we know this business is an excellent addition to Composites One. Through their outstanding team, the Process Materials business provides us with a global connection to wind and aerospace customers.”

The completion of the transaction, expected early Q1, would remain subject to following social processes and approval by the relevant regulatory authorities.

Companies: Composites One, Solvay

Terms: Business

Via
This article has been edited by Basalt.Today
Source
This article has been written on JEC Composites Magazine
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