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SOLVAY : SOLVAY SECURES THE DEVELOPMENT OF ITS FLUORINATED PRODUCTS BY ACQUIRING A BULGARIAN FLUORSPAR MINE


February 22, 2011 - London

Press release

 

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                                                              
SOLVAY S.A.                                                                         
Tel: +32 2 509 7230   
erik.deleye@solvay.com                                                             
www.solvaypress.com

 

PATRICK VERELST
Head of Investor Relations
SOLVAY S.A.
Tel. +32 2 509 7243
patrick.verelst@solvay.com
www.solvay-investors.com

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Solvay S.A. via Thomson Reuters ONE

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