Solvay has completed the sale of its North American and European amphoteric surfactant business to OpenGate Capital, a private equity firm with headquarters in Los Angeles.
Includes Three Production Sites
The sale includes the three main production sites supporting the amphoteric product lines located in University Park, Illinois (USA), Genthin (Germany), Halifax (United Kingdom), and a tolling arrangement in Turkey.
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OpenGate has proven to be a strong buyer for our North American and European amphoteric surfactant business. The sale will generate additional resources for Solvay to invest in its strategic growth segments as part of its portfolio simplification journey,” Michael Radossich, president of Solvay’s Novecare global business unit.
The agreement also includes tolling and service agreements between Solvay and OpenGate to ensure a seamless transition and minimal customer disruption.
As part of the transaction, the business was renamed Verdant Specialty Solutions (“Verdant”), under the leadership of its new CEO, John Foley. Terms of the sale were not disclosed.
Source: Solvay