Solvay Completes Sale of Refrigerants to Daikin

Closing a transaction announced in late January, Solvay has completed the sale of its German-based refrigerant activities and pharma propellants to Daikin of Japan.

The sale, which includes all of the Belgian group's Special Chem activities based at Frankfurt, Germany, and the transfer of about 75 employees to Daikin, is part of the plan to refocus the newly created global business unit toward selective high value-added segments in the growing automotive and electronics markets.

Headquartered in Seoul, South Korea, Special Chem with €850 million in sales annually and 3,100 employees worldwide, encompasses Solvay's Special Chemicals, Rare Earth Systems global business units as well as the fluorine business of its Aroma Performance unit.