Solvay starts a new share buyback program to cover its long-term incentive plans
Press release - Regulated information
Brussels, August 1, 2024, 8:00am CEST
In application of article 7:215 of the Belgian Code of Companies and Associations, Solvay announces the launch of a new share buy-back program for the purpose of meeting any delivery obligations of Solvay shares arising from grants of its 2023 and 2024 long-term incentive (Performance Share Units and Restricted Share Units) plans.
Under this new program, Solvay may acquire up to 1,025,000 Solvay shares. This will be done under the terms and conditions approved by the extraordinary general shareholders’ meeting held on December 8, 2023.
The buyback program is expected to be completed by October 1, 2024. It will be conducted in accordance with applicable regulations, and executed by an independent intermediary under a discretionary mandate. The timing of the buyback will depend on a variety of factors, including market conditions.
Solvay will inform the market on the progress of the program in accordance with applicable legislation.
This follows the acquisition of 218,191 shares of the Company in June 2024, for the purpose of meeting any delivery obligations of Solvay shares arising from grants of a previous long-term incentive plan and the Employee Share Purchase Plan.
The impact of the share buyback program is already included in the guidance of Free cash flow to Solvay shareholders from continuing operations of more than €300 million in 2024.
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Safe harbor
This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
About Solvay
Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay's pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of over 9,000 employees. Since 1863, Solvay harnesses the power of chemistry to create innovative, sustainable solutions that answer the world’s most essential needs such as purifying the air we breathe and the water we drink, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay’s unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.9 billion in net sales in 2023, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit or follow on Linkedin.
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