3M Completes Purchase of Solvay Fluoropolymers, Inc. ST. PAUL, Minn.
- (BUSINESS WIRE) - Jan. 22, 2003--Dyneon LLC, a wholly-owned subsidiary of 3M, announced today that it has closed the previously announced transaction to acquire Solvay Fluoropolymers, Inc., a subsidiary of Solvay America, Inc. Terms of the transaction were not disclosed.
As a result of this transaction, polyvinylidene fluoride (PVDF) fluoroplastic products formerly marketed under the Solef brand by Solvay Fluoropolymers, Inc. will be marketed by Dyneon under the Dyneon brand. PVDF materials are used extensively in the wire/cable and chemical processing industries.
The acquisition includes the PVDF manufacturing facilities located in Decatur, Ala., and the remaining 50 percent interest in Alventia LLC, a joint venture between Solvay Fluoropolymers, Inc. and Dyneon that produces VF2 -- the principal building block of PVDF.
Dyneon is one of the world's leading fluoropolymer producers specializing in fluoroelastomers, fluorothermoplastics, PTFE and polymer processing additives. This acquisition reflects Dyneon's interest in growing its fluoropolymers business and is a tangible demonstration of its commitment to the fluoropolymer industry.
3M is a $16 billion diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. Headquartered in St. Paul, Minnesota, the company has operations in more than 60 countries and serves customers in nearly 200 countries. 3M is one of the 30 stocks that make up the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500 Index.
Dyneon is a trademark of 3M.
Solef is a trademark of Solvay America, Inc.