Syensqo Completes Spin-Off of Oil and Gas Business Unit

Syensqo announced the completion of the divestiture of its oil and gas business unit, selling it to the French SNF Group for an enterprise value of €135 million. The oil and gas business unit of Syensqo is a significant player in the global oilfield fracturing chemicals sector, with projected net sales of approximately €400 million in 2024, accounting for 6% of Syensqo's total net sales, and employing around 600 people.

"I am very pleased to have completed the divestiture of the oil and gas business at the beginning of the year. This transaction not only brings positive outcomes for all stakeholders but also advances our strategy to focus on specialty chemicals, allowing us to further strengthen strategic focus and increase investment in core businesses," said Mike Radossich, CEO of Solvay. "I would also like to extend my sincere gratitude to all colleagues in this business unit and wish them continued success in their careers as they join SNF Group in this new chapter."