Embargo: Brussels, 22 February 2011, at 8.00 a.m. (Brussels time)
Mine in Europe complements Fluorspar sourcing for future developments
Solvay announces today that it has acquired a fluorspar mine in Chiprovtsi, Bulgaria from the N&N Group. This strategic acquisition reinforces the vertical integration of Solvay's high added-value fluorinated specialty polymers and fluorinated special chemicals production at a competitive cost.
The agreement includes the transfer of all Fluorspar concession and exploration rights to Solvay. The acquisition has been approved by the Bulgarian government on 13 January 2011. The mine has currently 107 employees working in the mining and production activities near Chiprovtsi, in the Montana province, not far from the Serbian border. The intention is to increase the production to at least 50,000 tons per year of acid grade fluorspar by the end of 2011. Fluorspar is the key raw material for hydrofluoric acid and used downstream to produce fluorinated chemicals and polymers.
This acquisition will add supplementary reserves to those already provided by the high quality fluorspar mine in Okorusu (Namibia), thus allowing not only the consolidation of current productions but also adding capacity to secure future developments.
"Solvay extends and secures the sourcing possibilities for future developments of fluorinated chemicals and polymers with this strategic investment. Solvay adds a new own raw material basis for future business expansion in downstream Fluorine Specialty markets where we see a continuing strong growth, especially in Asia," says Bernd Wilkes, Senior Executive Vice President of Solvay's Strategic Business Unit Fluor.
SOLVAY is an international industrial Group active in Chemistry. It offers a broad range of products and solutions that contribute to improving quality of life. The Group is headquartered in Brussels and employs about 16,800 people in 40 countries. In 2010, its consolidated sales amounted to EUR 7.1 billion. Solvay is listed on the NYSE Euronext stock exchange in Brussels, Belgium (NYSE Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR). Details are available at www.solvay.com.
For further information please contact:
ERIK DE LEYE
Corporate Press Officer
Tel: +32 2 509 7230
Head of Investor Relations
Tel. +32 2 509 7243