Belgian chemical and pharma group Solvay SA said 8 September 2009 it had agreed to buy a majority share in a soda ash plant in Berezniki, Russia, from Sodium Group Investments Limited.
The takeover p…
Belgian chemical and pharma group Solvay SA said 8 September 2009 it had agreed to buy a majority share in a soda ash plant in Berezniki, Russia, from Sodium Group Investments Limited. The takeover price was agreed at some EUR 160 million (USD 230.9 million), although the final price may differ slightly. The Berezniki facility has an annual capacity of 500,000 tonnes and is one of the three major soda ash producers in Russia. The plant, which employs 2,200, currently produces only light soda ash. Output of dense soda ash will be possible by the end of the year. Sodium Group Investments has held about 90% of OAO Bereznikovski Sodovi Zavod and 100% in ZAO Berchimprom since the beginning of 2008. The two companies, which jointly own and operate the soda ash activities in Berezniki, are in the process of merging. Once the merger is completed in 2010, Solvay will gain control of the soda ash plant. Sodium Group will remain minority shareholder for three more years.