Solvay has announced that it is reviewing plans to separate the company into two independent publicly traded companies. 

EssentialCo would comprise leading mono-technology businesses including Soda Ash, Peroxides, Silica and Coatis, which are its chemicals segment, as well as the Special Chem business. These businesses generated approximately EUR 4.1 billion in net sales in 2021, it said in a statement.  

SpecialtyCo would comprise the company’s currently reported Materials segment, including its high-growth, high-margin Specialty Polymers, its high-performance Composites business, as well as the majority of its Solutions segment, including Novecare, Technology Solutions, Aroma Performance, and Oil & Gas. These businesses combined generated approximately EUR 6 billion in net sales in 2021. 

Ilham Kadri, Chief Executive Officer, Solvay, said, “The plan to separate into two leading companies represents a pivotal moment in our journey to transform and simplify Solvay. Since we first launched our G.R.O.W. strategy in 2019, we have taken a number of actions to strengthen our financial and operational performance, focus our portfolio on higher growth and higher-margin businesses, and reinforce our business purpose across the organisation. We have changed the culture profoundly, with a passion for performance and meritocracy at its core. Our successful focus on cash, costs, and returns has strengthened the Materials and Solutions segments to be more self-sustaining and profitable. At the same time, the Chemicals segment has continued its strong track record of resilient cash generation. Notwithstanding the challenges of the current global environment, we are confident that pursuing this plan would enable us to create compelling value for shareholders over the long-term. 

“Our talented and dedicated employees have worked hard to transform Solvay, and their efforts have enabled us to take this important next step towards the creation of two strong companies. We expect to create opportunities in each company for our employees to thrive and grow, and we are confident that both companies will maintain the same levels of customer focus and commitment to value creation.” 

Meanwhile, Nicolas Boël, Chairman of Solvay Board of Directors, said, "Today's news is an important milestone for Solvay. In the last decade, Solvay has undergone major evolutions and the transformation has accelerated under Ilham’s leadership with a focus on profitable growth and simplifying the company, all while driving innovation and raising the bar in sustainability. This exciting announcement marks the next phase of the transformation. On behalf of the entire Board, we look forward to guiding Solvay’s next chapter of sustainable value creation for shareholders, customers and employees.” 

The company said the separation would establish two strong industry leaders that would benefit from the strategic and financial flexibility to focus on their distinctive business models, market and stakeholder priorities.  

Under the separation plan, Solvay’s shareholders would retain their current shares of Solvay stock, which will continue to be listed on Euronext Brussels and Euronext Paris. The separation would be effected by means of a partial demerger of Solvay whereby the specialty businesses will be spun off to SpecialtyCo. Solvay shareholders at the time of separation would receive shares in SpecialtyCo pro rata to their shareholding in Solvay SA. The shares of each company would be expected to be listed on Euronext Brussels and Euronext Paris. The company expects to structure the separation in a manner that would be tax efficient for a significant majority of shareholders in key jurisdictions. The composition of the Boards and management teams, as well as names for each company, will be provided at a later date, the release added. (TT)  

Apollo Tyres Ltd has secured a one-season shirt-sleeve sponsorship agreement with AS Monaco, one of French football's most successful clubs, to increase awareness for its premium Vredestein brand.

This partnership will leverage Ligue 1's ranking as the fifth most watched football league in the world to raise awareness of Vredestein's award-winning products among a large audience in France and abroad. On November 22, AS Monaco's home league game against Brest will have the new sleeve branding for the first time. The Vredestein brand will be heavily promoted at Stade Louis-II for the 2024–2025 season, including on player sleeves and LED screens around the field. Exclusive social media initiatives will further help make the brand prominent, reaching a large and interested audience.

Yves Pouliquen, Vice President – Commercial, Europe, Apollo Tyres, said, “This partnership is an exciting opportunity to strengthen Vredestein’s presence in one of our key markets. AS Monaco’s rich history and commitment to excellence mirror our focus on performance and innovation. We look forward to building a successful relationship with the club and celebrating its achievements this season.”

Thibaut Chatelard, Marketing and Revenue Director, AS Monaco, said: “We are delighted to welcome Apollo Tyres and its Vredestein brand to the family of AS Monaco partners. This collaboration makes sense in view of the values we share, such as the constant pursuit of performance and excellence. There’s no doubt that this new support will be precious for the rest of our season, which promises to be thrilling.”

Nexen Tire, a leading global tyre manufacturer, has launched the Nexen N´Blue S tyre, adding to its range of summer tyres and providing drivers with advanced safety, energy efficiency and superior driving stability in wet and dry conditions.

Developed using highly dispersed silica and equipped with an optimised structural design, the Nexen N´Blue S tyre provides reduced road noise and improved driving stability. The tyre features an innovative tread compound, formulated with hydrophilic fillers and microstructure-controlled polymers, and provides lower rolling resistance and exceptional dry and wet grip. The tyre also excelled in test results by demonstrating an 11 percent improvement in wet braking distance compared to its predecessor.

Apart from providing excellent performance, the Nexen  N´Blue S also scores high on the sustainability index. The tyre provides an eco-friendly solution for environmentally conscious drivers by minimising fuel consumption and CO2 emissions. The Nexen N´Blue S summer tyre is available in 58 sizes, which makes it compatible with different types of vehicles.

Kumho Tire Vietnam Co., Ltd. is all set to expand its investment project in Binh Duong province of Vietnam, with the phase 3 of expansion commencing in early 2025. This was discussed at a recent meeting between Vo Van Minh, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee (PPC), and Kim Hyun Ho, General Director of Kumho Tire Vietnam Co., Ltd.

The meeting was held on 13 November at the Administrative Centre of Binh Duong province, as per an official statement. Apart from the company’s investment till date and the planned investment for phase 3, the two also discussed about the challenges and obstacles regarding procedures and processes to have more land funds to expand the manufacturing plant, along with taking measures to tackle the obstacles. Kim Hyun Ho also conveyed to the PPC Chairman that Kumho Tire Vietnam Co., Ltd. belongs to South Korea's Kumho Tire Group and is currently ranked 10th in the car tyre manufacturing industry.

The company had invested in a tyre manufacturing plant in My Phuoc 3 Industrial Park in 2007 with a total initial investment of USD 308 million, which was supplemented by another USD 300 million in 2021. This extended the factory scale to six hectares and increased the production capacity to 12.5 million tyres annually. With the expansion in early 2025, the company will raise its total investment to USD 908 million and increase the factory's production capacity to 17 million tyres annually. The expanded capacity is expected to be operational by early 2026.

Yokohama-ATG, a leading manufacturer of all-terrain and off-the-road tyres, has expanded its Galaxy MFS 101 SDS range of forklift tyres with the launch of white, non-marking tyres.

The Galaxy MFS 101 SDS range consists of puncture-proof SDS tyres with extended wear limits designed for high-intensity working shifts and long durability. These are premium, solid rubber tyres developed for tough demands, a long service life and high driving comfort. The addition of white, non-marking tyres is specifically aimed at clean working environments.

Marked by a 3-stage construction process, the forklift tyres feature reduced heat build-up, effective shock absorption and minimised vibrations. The pattern design guarantees a smooth ride and good steerability thanks to its continuous centre lug and circumferential grooves. Furthermore, the flat walls and wide flat profile offer excellent stability when using a forklift for vertical stacking. The tyres are also equipped with anti-slip steel beads for improved rim fitment

In a case study on a CAT 2.5-tonne forklift that was used for handling heavy pallets on asphalt, the Galaxy MFS 101 SDS outshone the competitors with impressive performance. The tyre delivered an approximate 900 working hours before replacement against competitors’ 500 working hours.