Solvay is restructuring its operations by creating two distinct companies. The company announced the new names of the future independent publicly traded companies: SOLVAY and SYENSQO. The new names will be effective upon completion of the planned separation of Solvay, which is on track to be completed in December 2023.
SOLVAY, the new name for EssentialCo, will focus on providing sustainable solutions. It will comprise leading mono-technology businesses including Soda Ash, Peroxides, Silica, Coatis and Special Chem, which generated approximately €5.6 bn in net sales in 2022.
It links back to its founders who mastered the soda ash process by achieving a technological breakthrough, which has enabled many other disruptive innovations and was a major step forward in terms of sustainability.
SYENSQO, formerly known as SpecialtyCo, will be a science company of explorers who seek unexpected perspectives, enable breakthrough innovations and explore the future of science, according to the company. The company’s focus lies in spearheading advancements in clean mobility, particularly through the development of next-generation electric vehicle (EV) batteries, green hydrogen technologies, and thermoplastic composites. It is expected to lead to significant advances in bio-based solutions, natural ingredients, circular economy solutions, and much more.
SYENSQO will include the innovative businesses Specialty Polymers, Composites, Novecare, Aroma, Technology Solutions, Oil & Gas, and four growth platforms: batteries, green hydrogen, thermoplastic composites, as well as renewable materials and biotechnology. The businesses within SYENSQO generated approximately €7.9 bn in net sales in 2022.
The breakdown of the name is as follows:
- SY links back to the first and last letters in Solvay.
- EN is a nod to Solvay’s founder Ernest Solvay’s name.
- SYENS refers to Solvay’s scientific heritage, which goes back to 1911, when its founder Ernest Solvay brought 24 of the world’s most brilliant scientific minds together – including Albert Einstein and Marie Curie – for the first Solvay Conference. In fact, the impact was so profound that the Unesco World Heritage Committee decided to inscribe the archives of the Solvay Conferences for Physics and Chemistry in its Memory of the World Register.
- Q points to this same 1911 conference, which laid the foundations for Quantum Physics, and launched one of the greatest scientific journeys ever, still feeding cutting-edge innovation today.
- QO is for company.
- Solvay, Brussels, Belgium