Solvay and BP make exchange

Advanced Battery Technology, Feb 2001

Solvay, an international pharmaceutical and chemical group headquartered in Brussels, and BP have signed a memorandum of agreement that will lead to Solvay's transfer of its polypropylene business to BP and BP's transfer of its engineering polymers business to Solvay. Solvay would also form joint ventures with BP in high density polyethylene (HDPE) in Europe and the Americas. The future of these joint ventures has been agreed upon by both parties (global turnover of approximately EUR2.0 billion). In Europe, the two companies would combine their European HDPE businesses into a 50-50 joint venture. In the U.S., the agreement would lead to Solvay and BP creating a 51 49 joint venture for Solvay's current HDPE business.

For more information, contact Dominique Clerbois, Solvay S.A. Headquarters, phone: 32/2/509.60.26, Fax: 32/ 2/509.72.40, email: dominique.clerbois@solvay.com