DOMO Chemicals signs agreement to acquire Solvay’s Performance Polyamides Business in Europe
23.08.2019
DOMO Chemicals and Solvay have signed an agreement for DOMO to acquire Solvay’s Performance Polyamides Business in Europe. This includes Engineering Plastics operations, with High Performance Fibres in France and Polymer and Intermediates operations in France, Spain, and Poland.
The agreement also involves a joint venture between BASF and DOMO in France for the production of adipic acid. The Business comprises of Production, Sales, Technical Support, R&D, and Innovation services, which currently have a combined headcount of approximately 1100 employees. The acquisition, which is subject to approval by the competent competition authorities, is expected to close by the end of Q4 2019.
The purchase price to be paid by DOMO on a cash and debt-free basis would amount to €300 million. The acquisition of this leading PA 6.6 business will significantly strengthen DOMO Chemicals’ downstream nylon based engineering plastics business, and create a European leader with scale, entering the market with a top position in PA6/6.6 in Europe.
Alex Segers, CEO of DOMO Chemicals, said: “By integrating the complementary strengths of the diverse teams and talents of both companies, we will enhance our excellence towards our customers by building a unique and competitive integrated Nylon solution provider driven by a strong innovation platform to push future sustainable growth.”