Syensqo has completed the acquisition of JinYoung Bio, a speciality cosmetic ingredients supplier based in South Korea. The company said that this “marks a significant step in expanding Syensqo’s portfolio toward more natural and high-value speciality skin care solutions with both functional and active ingredients”.
Syensqo had its shares listed on Euronext Brussels and Euronext Paris on 11 December three days after shareholders voted 99.53% in favour of its demerger from Solvay. It also expects to be included in other major stock market indices, such as BEL20, Stoxx Europe 600, MSCI Europe ad FTSE Russell, subject to each individual index review.
The new company employs over 13,000 employees and is spread across the world, with 41% of 2022 net sales in the Americas, 36% in Asia-Pacific and 23% Europe. The initial share price of €90 gives it a market capitalisation of € 9.53 billion.
Syensqo, the speciality chemicals firm that is planned to be split out from Solvay, has presented its mid-term financial targets and sustainability commitments at its inaugural capital markets day. The separation is subject to shareholder approval at an extraordinary general meeting approval in Brussels on 8 December. Meanwhile the Belgian Financial Services & Markets Authority has approved a prospectus relating to listing Syensq’s shares on Euronext Brussels and Euronext Paris.
Solvay has published materials for an extraordinary shareholders’ meeting, including details of the executive leadership nominations for when it splits into two firms. The meeting will be held in Brussels on 8 December for shareholders to approve the split, which has been unanimously recommend by the board and the executive leadership.
Solvay has announced the names of the two companies that will emerge after its planned separation into ‘essentials’ and ‘speciality’ businesses. This process is on track to be completed in December 2023, subject to customary conditions. Further updates will follow.
The ‘essentials’ business will continue under the name Solvay and will comprise the existing mono-technology businesses including Soda Ash, Peroxides, Silica, Coatis and Special Chem. These had combined net sales of about €5.6 billion in 2022.
