BRUSSELS, Belgium, Feb. 12, 2002 (PRIMEZONE) -- Solvay (Euronext Brussels: SOLB) (Xetra: SOL) has finalized the sale of its automotive Air Induction Systems and Technical Parts activities to Mann+Hummel, which was initially announced last October.
Solvay's Air Induction Systems and Technical Parts activities include the development and manufacturing of plastic automotive components for engine air induction systems, engine covers, HVAC (heating, ventilation, air conditioning) and engine cooling ducts, windscreen wash systems and headlamp cleaning systems. They generated a global turnover of EUR 151 million in 2001, with 1,100 employees and 8 production facilities worldwide - in France, Germany, Spain, the United Kingdom, the United States and Brazil - as well as a research and development center in Belgium.
"The detailed assessment that we have carried out with Mann+Hummel since last October confirms the existence of a good complementarity of our strategies, operations and products," said Jacques van Rijckevorsel, General Manager of the Processing Sector of Solvay and member of the Group's Executive Committee. "Solvay's Air Induction Systems and Technical Parts activities now have promising development potential in the framework of a new company, where they will be part of the core business," van Rijckevorsel said.
"Solvay's strategy includes concentrating on key activities where the group ranks among world leaders. In the automotive sector, the Group will now focus on Inergy Automotive Systems, our joint venture with Plastic Omnium, which is number one on the global fuel systems market and serves virtually all major car manufacturers," Jacques van Rijckevorsel added.
Mann+Hummel was founded 1941 in Ludwigsburg, Germany and has an annual turnover of EUR 990 Million, with a workforce of 9100 people on 38 locations worldwide. The Group develops and produces Components and Systems for air intake applications and oil and fuel filtration systems. Additional information can be found at www.mann-hummel.com
SOLVAY is an international chemicals and pharmaceuticals group with headquarters in Brussels. It employs about 31,600 people in 50 countries. In 2001 its consolidated sales amounted to EUR 8.7 billion generated by its four sectors of activity: Pharmaceuticals, Chemicals, Plastics and Processing. Solvay is listed on the Euronext 100 index of top European companies. Details are available at www.solvay.com