Solvay to Book $185 Million Loss as It Reaches Deal to Sell Stake in Russia Business
04 3월 2023 - 2:40AM
Dow Jones News
By Joshua Kirby
Solvay SA said Friday that it has agreed a deal to sell its
share in Russian joint venture RusVinyl to its partner Sibur, in a
transaction that will entail booking a capital loss of 175 million
euros ($185.4 million).
The sale of the 50% stake in RusVinyl--which operates a
polyvinyl chloride, or PVC, plant in the Nizhny Novgorod region of
Russia--is based on a purchase price of EUR430 million, the Belgian
chemicals company said. The loss it will book mainly relates to the
crystallization of historical currency translation balances, Solvay
said.
The disposal is the final step in a strategy to exit its
cyclical PVC operations, Solvay said.
"The divestment will represent another important milestone in
the transformation of Solvay's portfolio," the company said, adding
that the transaction should be completed toward the end of this
quarter.
Following Russia's invasion of Ukraine a year ago, Solvay said
it would suspend its operations in the country, and would halt
dividend payments from RusVinyl, a JV with petrochemical holding
company Sibur.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 03, 2023 12:25 ET (17:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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