Belgium based Solvay SA has signed a stock purchase agreement to sell its subsidiary Solvay Engineered Polymers Inc. (SEP) to Basell Holdings BV (The Netherlands). The transaction is expected to be completed in first half of 2008.
Solvay Engineered Polymers Inc., is essentially active in the North American Free Trade Agreement (NAFTA) region, and has operations in Mansfield and Grand Prairie, Texas, and Auburn Hills, Mich. The company is also represented in Europe and China through sales offices. The annual sales of SEP account for less than 2% of all revenue for the Solvay group.