Solvay to sell polypropelene activities to Basell
Thu Nov 29, 2007 12:04pm EST
BRUSSELS, Nov 29 (Reuters) - Belgian drugs, chemicals and plastics maker Solvay said on Thurday it would sell a U.S. subsidiary, Solvay Engineered Polymers, a maker of polypropelene compounds, to chemicals group Basell.
It said in a statement that it expected to complete the transaction early next year. Basell, privately owned by Access Industries, is the world's largest producer of advanced polyolefins and polypropylene.
A Solvay spokesman declined to disclose financial details of the deal but said the subsidiary was profitable and represented less than 2 percent of the 9.4 billion euros of annual sales posted by Solvay in 2006.
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