Analyse aandeel Solvay

De herschikking van Solvay's bedrijfsactiviteiten reduceert de blootstelling van de onderneming aan cyclische eindmarkten en verkleint zijn afhankelijkheid van de Europese economie. (Engelstalig rapport)

Todd Wenning 06 mei, 2014 | 9:39
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Through acquisitions, divestitures, and joint ventures, Solvay has reduced its reliance on cyclical end markets and increased its exposure to higher-growth emerging markets. Case in point is Solvay's move in May 2013 to enter into a joint venture with INEOS to create the world's second-largest polyvinyl chloride (PVC) producer. PVC demand plummeted after the housing collapse in 2007 and remains well below pre-crash levels. Compounding the problem has been chronic European overcapacity in PVC production. Taken together, PVC has been a major headwind for Solvay's plastics business in recent years. The joint venture should improve Solvay's plastics profitability over the medium term before INEOS fully buys out Solvay's stake in four to six years. We think this is a graceful way to exit a challenging PVC production business and will allow Solvay to turn its attention to higher-margin and less-cyclical specialty chemical production.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Solvay SA100,60 EUR0,00Rating

Over de auteur

Todd Wenning

Todd Wenning  is an equities analyst with Morningstar.

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