The agreement follows the Belgian chemical company’s announcement last month that it was in advanced talks to divest the stake as it exits operations in Russia because of the war with Ukraine.

Sibur has agreed to pay about €430 million for Solvay’s holding, which will result in a capital loss of about €175 million for the Brussels-based group. The transaction is expected to close toward the end of March.

Solvay’s decision comes in the wake of several of its peers who have made either a full or partial withdrawal from Russia as the conflict with Ukraine now enters its second year. These companies include LyondellBasell, Henkel, BASF and Bayer along with energy giants BP, Shell and Equinor, among others.

Author: Elaine Burridge, Freelance Journalist