MOSCOW (MRC) -- Solvay and Anthea agreed to establish a joint venture to produce catechol derivatives for the flavours, fragrances, agrochemicals and pharmaceutical sectors, said the company.
Through this Joint Venture, the two companies will work together to meet customers’ needs for additional, reliable supply for a range of products including methylenedioxybenzene, heliotropin (piperonal) and helional which are key ingredients for applications in the Flavour, Fragrance, Agrochemical & Pharma industries worldwide.
CATaSYNTH is currently completing a brand-new, world-class manufacturing facility in Mangalore, India which will be fully operational in Q1 2020.
The joint venture is called CATASYNTH Specialty Chemicals and will produce a range of products including methylenedioxybenzene, heliotropin and helional, the companies said in a statement. A production facility in Mangalore, India, is currently under construction. The close of the deal and the start up of the facility are both expected to take place in the first quarter of 2020.
“This partnership is fully aligned with our strategy to reinforce downstream integration,” said Solvay Aroma Performance GBU president Peter Browning.
Solvay also said that it has doubled production capacity for natural vanillin to 120,000 tonnes/year to satisfy demand for natural products and non genetically modified (GMO) products.
As MRC informed earlier, Solvay announces that its subsidiary Solvay Finance SA will exercise its first call option on its EUR700 million hybrid bond after having notified the Luxembourg Stock Exchange where the bond is listed. This perpetual deeply subordinated bond, bearing an annual interest rate of 4.199%, is treated as equity under IFRS rules. Its repayment is due on May 12, 2019 at the end of the first 5.5 years.
Solvay is an advanced materials and specialty chemicals company, committed to developing chemistry that addresses key societal challenges. Solvay innovates and partners with customers worldwide in many diverse end-markets. Its products are used in planes, cars, batteries, smart and medical devices, as well as in mineral and oil and gas extraction, enhancing efficiency and sustainability. Its lightweighting materials promote cleaner mobility, its formulations optimize the use of resources, and its performance chemicals improve air and water quality. Solvay is headquartered in Brussels with around 24,500 employees in 61 countries. Net sales were EUR10.3 billion in 2018, with 90% from activities where Solvay ranks among the world’s top 3 leaders, resulting in an EBITDA margin of 22%.
MRC