On November 5, Solvay announced that it had entered into exclusive negotiations with Composites One, with the intention of acquiring the latter's craft materials business segment. So far, Solvay has received a binding offer from Composites One.
Solvay's process materials business mainly produces vacuum bag related materials, including vacuum bag film, air felt, release cloth, isolation film, sealing tape, valves and hoses. In addition, this business segment is in a leading position in the industry in terms of customized tool kits and hard and soft tooling.
Carmelo Lo Faro, President of Solvay Composites Global Business, said: “Solvay has strengthened its process materials business in the past few years. This transaction will create value for shareholders and help Solvay focus more on its core. Composites business. The employees and customers involved in the transaction will also benefit from Composites One’s sound and developed sales network. Composites One’s corporate goal is to continue to invest in the field of process materials, promote innovation, improve quality and service, and achieve growth."
Steve Dehmlow, CEO of Composites One said: "In the two years as a Solvay distributor, we have witnessed Solvay’s leadership and worked closely with its team. They can always focus on providing customers with quality Service. The acquired craft materials business is of great significance to Composites One. We believe that with Solvay’s excellent team, our craft materials business will be able to better serve customers in the wind power and aviation markets."
The transaction is expected to be completed in the first quarter of 2021, and relevant approvals are currently underway.