Solvay's integration of Cytec ahead of schedule; 2017 supported by improving oil and gas market.
No-moat Solvay reported solid results in the fourth quarter, with EBITDA rising 16% over the prior-year period. Full-year EBITDA grew 7.5%, broadly in line with our estimate, and met guidance for a high-single-digit increase. We have been conservative on the integration of Cytec, but progress is ahead of schedule with EUR 100 million in synergies achieved by year-end 2016. Solvay’s synergy target is to achieve EUR 150 million by 2018, which we now believe will be met. The company is guiding for ...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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