SOLVAY: Going for a bold move: separating into specialties and commodities part SOLB BB
After studying a possible carve-out & sale of soda ash in the past few quarters, Solvay has today announced a much bolder move, ie a planned separation of the company into a specialties part and an essentials/commodities part. We welcome the move, which we believe will be a more efficient way to unlock shareholder value than the previous plan including a soda ash carve out & sale, but acknowledge that this still will be a lengthy process (aimed to be completed in 2H23). We continue to appreciate Solvay for the compbination of solid leadership positions, much improved cash flow conversion, remaining self help and attractive valuation. We maintain our Accumulate rating and € 120 TP.Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).
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