NEWS
Syensqo completes spin-off
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 % in Europe . The initial share price of € 90 gives it a market capitalisation of € 9.53 billion .
Syensqo includes the former Specialty Polymers , Composites , Novecare , Aroma , Technology Solutions and Oil & Gas businessses , with € 7.9 billion in sales last year , plus the four ‘ growth platforms ’ in batteries , green hydrogen , thermoplastic composites , and renewable materials and biotechnology . The commodity businesses are continuing as Solvay .
Former Solvay CEO Dr Ilham Kadri has taken the same role at Syensqo . Also nominated to the leadership are Christopher Davis as CFO , Hervé Tiberghien as COO , Joëlle Boxus as chief people officer , Marc Chollet as chief strategy officer and Mark Rollinger as general counsel .
The three global business units are led by Michael Radossich ( Consumer & Resources ), Peter Browning ( Specialty Polymers ) and Rodrigo Elizondo ( Composite Materials ). Mike Finelli heads the North America hub , in addition to being chief innovation officer . Dr Chen Pu leads in Asia and another appointment will be made in Europe .
A few weeks earlier , Syensqo had presented its mid-term financial targets and sustainability commitments at its inaugural capital markets day . These include 5-7 % net sales growth over the period 2024-2028 and a mid-20s percentage underlying EBITDA margin and a mid-teens return on capital employed . Achieving these targets is expected to deliver more than € 7 billion in cash between 2024 and 2028 .
The company also launched its ‘ One Planet ’ sustainability commitments , which are expected to act as a driver of revenue growth . These include :
• A 23 % fall in Scope 3 greenhouse gas ( GHG ) emissions from 2021 to 2030
• Carbon neutrality on Scope 1 and 2 GHG emissions by 2040 , with a 40 % fall in emissions from 2021 to 2030
• Increasing circular economy sales to 18 % of total sales by 2030
• Aiming for gender parity by 2033 for mid and senior management
Dr Ilham Kadri rings the bell for the launch of Syensqo on Euronext
6 SPECIALITY CHEMICALS MAGAZINE ESTABLISHED 1981