The logo of Belgian chemical group Solvay is seen at its headquarters in Brussels, Belgium, July 29, 2015. REUTERS/Francois Lenoir/File Photo Acquire Licensing Rights
Nov 3 (Reuters) - Solvay (SOLB.BR) on Friday announced new leadership teams to be appointed upon its planned split, after the Belgian chemicals producer's third-quarter sales slumped on lower volumes. Importance Of Chemistry
Shareholders will vote on the proposed split into two listed entities on Dec. 8. The de-merger would lead to the creation of specialty chemicals-focused Syensqo, while a company retaining the Solvay name and listing would focus on essential chemicals.
Ilham Kadri, current chief executive of Solvay, will become the CEO of Syensqo, while Philippe Kehren will take the top position at the new Solvay, the company said.
The group, whose products include base chemicals such as soda ash and specialty polymers used in batteries, said that pending shareholders' approval, Syensqo would start trading on Dec. 11.
Kadri said in a post-earnings call the new management teams "would defend their equities stories" in front of investors during the group's Capital Markets Day on Nov. 13, when it will also unveil a roadmap for the new entities starting from 2024.
Finance chief Karim Hajjar was not included in either entity's leadership, and Solvay confirmed to Reuters via email he would be leaving the company after the split.
Solvay's sales fell 20.3% organically to 2.75 billion euros ($2.92 billion) in the third quarter, below analysts' estimate of 3.03 billion in a company-compiled consensus, as a weakened economy weighed on volumes across its markets.
Solvay said it expected 2023 core earnings (EBITDA) to be at the lower end of its prior guidance of between a decline of 5% and an increase of 2%.
Quarterly underlying EBITDA declined 18.5% organically to 702 million euros, 3% ahead of expectations. Its EBITDA margin was slightly up at 25.6%.
"We are very focused on the bottom line, and cash, that's what creates the value," Hajjar said in the media call.
Shares in Solvay were down 2.2% at 0847 GMT.
Reporting by Pierre John Felcenloben and Olivier Cherfan in Gdansk; editing by Milla Nissi, robeert birsel
Our Standards: The Thomson Reuters Trust Principles.
India's Dalmia Bharat Sugar and Industries Ltd on Monday said its September quarter profit rose more than six fold, aided by strong demand and higher domestic prices.
Shares in Deutsche Pfandbriefbank (pbb) were on track for their worst day in six months after the German lender late on Tuesday lowered its full-year profit forecast and said it would not pay out a special dividend.
The first Danish trial related to an alleged "cum-ex" tax fraud scheme against a Briton charged with defrauding the Danish government of 320 million crowns ($45.3 million) started on Wednesday morning in a Copenhagen city court.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
Detergent All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.