Belgium's Solvay to acquire U.S.-based Chemlogics for $1.3B

|About: Solvay S.A. (SVYSF)|By:, SA News Editor

Solvay (SVYSF.PK) has agreed to acquire privately held Chemlogics for $1.345B in a deal that will increase the Belgian chemicals and plastics maker's exposure to the U.S. oil and gas industry.

The market for chemicals in the sector is projected to increase 6% a year, boosted by fracking and deepwater drilling.

Chemlogics has 277 employees and generated $500M of sales in the last 12 months.