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Solvay to acquire majority of Russian soda-ash plant

By Gerald Ondrey |

0 0 0 Solvay S.A. (Brussels, Belgium; www.solvay.com) has signed an agreement with Sodium Group Investments Ltd. to acquire its majority stake in OAO Bereznikovsky Sodovy Zavod and ZAO Berkhimprom. The agreed enterprise value for the stake amounts to about EUR160 million and the price will be subject to usual adjustments at closing. Solvay expects to finalize this acquisition early 2010 after completion of the customary steps and the relevant notifications, in particular merger control in Russia (FAS). The Berezniki soda ash plant is one of the three major soda ash producers in Russia with a capacity of 500,000 metric tons per year. It can only produce light soda ash but dense soda ash will be available by the end of this year when the construction of a densification unit is finalized. The plant employs approximately 2,200 people and is located by the city of Berezniki in the Urals, some 200 km north of Perm city. Since early 2008, Sodium Group Investments Limited owns approximately 90% of OAO Bereznikovsky Sodovy Zavod and 100% of ZAO Berkhimprom which jointly own and operate the Berezniki soda ash activity. These both entities are currently merging. The agreement provides that after the closing in 2010 Solvay will gain immediate…
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