(AOF) – “Syensqo was born following the massive support of shareholders for the split from Solvay”. This is what the chemical group announced after its extraordinary meeting of shareholders approved the split, thus officially giving birth to Syensqo, focused on specialty chemicals. The listing of Syensqo on Euronext Brussels and Euronext Paris is scheduled for market opening on Monday December 11, 2023.
Solvay announced in mid-November that Syensqo’s portfolio of solutions would aim to respond to “major disruptive trends”, including “electrification, lightweighting, connectivity and quality of life”.
The objective set from March 2022 by Solvay was to highlight its more promising, more profitable and less cyclical “specialty chemicals” activities, after its competitor Arkema had successfully refocused on these same activities in recent years. . The new company aims to be “at the heart of the transition to a climate-neutral economy”.
A historic moment
“This is a historic moment,” said Dr. Ilham Kadri, CEO of Solvay who will be CEO of Syensqo, today. “This turning point underlines the recognition and success of Solvay’s major reorganization over the past five years.
“As an independent company”, the new company “will provide innovative value-added solutions that will contribute to a more sustainable world, benefiting from growth above that of the market and high returns”, Solvay then specified.
The new group announced in mid-November 2023 that the achievement of its medium-term objectives “should generate more than 7 billion euros in liquidity between 2024 and 2028”. Syensqo then set itself the 2028 financial objectives on an organic basis of net sales growth of 5% to 7% over the period 2024-2028, an underlying EBITDA margin of around 25% by 2028, and profitability capital employed by some 15% by 2028.
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