Solvay has completed the sale of its German-based refrigerant activities and pharma propellants to Daikin, as its Special Chem Global Business Unit (GBU) is refocusing its activities on selective high value-added segments in the growing automotive and electronics markets.
The divestment entails all of Special Chem's businesses on its site in Frankfurt and the transfer of about 75 employees to Daikin.
Special Chem is the newly created GBU which groups Solvay's GBUs Special Chemicals, Rare Earth Systems as well as the Fluorine Business of the Aroma Performance GBU. This combination enhances the GBU's innovation power and its position in fluor specialties, high purity electronic chemicals and auto-catalysts.
Special Chem is headquartered in Seoul, South Korea, with € 850 million in sales and 3,100 employees worldwide.