Solvay to Sell Refrigerants Businesses to Daikin

Subject to regulatory clearance in Germany and Austria, Solvay has agreed to sell its refrigerant and pharma propellants businesses based at Frankfurt, Germany, to Daikin of Japan. About 75 employees will transfer to the new owner.

Solvay said its Special Chemicals global business unit is divesting the activities to focus on selective high value-added segments in fluorine specialties and high purity chemicals.

Unit president, Bernd Wilkes, said that in portfolio reviews the Brussels-based chemical producer will continue to single out markets that require distinctive know-how, aiming to reinforce its innovation capability and develop as a niche player.

The sale of the Frankfurt-based businesses follows Solvay's exit from the life science sector in 2013. Since then, the company has focused Special Chemicals has focusing on fluorine specialities with a new facility in Germany supplying the agrochemical industry and expanding production capacity in China to support strong growth in the electronics industry.

Solvay recently strengthened its aluminum brazing capabilities and products with the acquisition of Germany-based Flux Schweiß- und Lötstoffe.