Solvay to sell polyolefin cross-linkable compounds business to Finnproject SpA

Solvay has announced it is to sell its polyolefin cross-linkable compounds business in Italy to family-owned group, Finproject SpA, for an undisclosed sum.

The decision comes following major business changes at Solvay, with the company focusing on its specialities portfolio.

The business, based in Roccabianca, Parma, produces compounds used in applications in the wire and cable, as well as pipe industries, and generated sales of €82 million EU (approx. £72.2 million GBP) in 2016.

“Following Solvay's transformation, polyolefin cross-linkable compounds no longer fit within the portfolio of high-performance specialty polymers. Solvay has consistently grown the value of this business and its divestment contributes to the upgrade of Solvay's specialties portfolio," said Augusto Di Donfrancesco, President of Solvay's Specialty Polymers Global Business Unit.

Finproject is a manufacturer of injection moulded foam, polyolefin-based compounds and PVC compounds, based in Morrovalle, Italy.

The transaction is expected to close in the second quarter of 2017 and is subject to customary closing conditions.