Belgium: Management Strategy Solvay to Sell North American, European Amphoteric Surfactant Business
The private equity firm Open Gate Capital will purchase Solvay’s business which includes three main production sites supporting the amphoteric product lines located in the USA, Germany, United Kingdom and a tolling business in Turkey.
Brussels/Belgium – The Solvay Group agreed to sell its North American and European amphoteric surfactant business to Open Gate Capital, a private equity firm with headquarters in Los Angeles. The sale includes the three main production sites supporting the amphoteric product lines located in University Park, Illinois (USA); Genthin, Germany; Halifax, United Kingdom; and a tolling business in Turkey. The agreement also includes tolling and service agreements between Solvay and Open Gate to ensure a seamless transition and minimal customer disruption.
“This agreement represents another critical step in the execution of our strategic plan as we further focus our home & personal care portfolio on growing specialty formulations and custom solutions,” commented Michael Radossich, president of Solvay's Novecare global business unit.
In Open Gate Capital, Solvay has identified a strong buyer for the North American and European amphoteric surfactant business while the sale will generate additional resources for Solvay to invest in its strategic growth segments as part of its portfolio simplification journey. Solvay expects to close the sale by the end of March pending completion of all required social dialogues and regulatory approvals.