Solvay acquires US chemicals firm for $1.3 bn: firm
Belgian group Solvay said on Monday it had acquired US specialist chemicals company Chemlogics for $1.3 billion (1.0 billion euros) in a deal intended to boost profits from next year.
Chemicals giant Solvay said that Chemlogics specialises in products for the US oil and gas industry and had annual sales of some $500 million.
The takeover will generate significant synergies and enable Solvay to offer a more complete product range in a US oil and gas extraction market worth $8.0 billion overall, it said.
It also reflected the company's new strategy to focus on high-growth sectors with wider profit margins, it added.
In July, Solvay reported that its second-quarter net profit tumbled 38 percent to 148 million euros ($190 million) in a "difficult" environment.
Solvay said at the time that it continued to press ahead with a restructuring programme to boost its competitive position.
The Chemlogics deal requires US regulator approval and should be finalised by the end of the year.
© 2013 AFP