Abstract
A year after Russia’s invasion of Ukraine, Solvay has inked a deal to sell its 50% interest in the RusVinyl polyvinyl chloride joint venture to its partner for $450 million. The venture had been one of the most prominent investments in Russia by a Western chemical maker. The partnership, in Kstovo, was completed in 2014 at a cost of $1.6 billion. RusVinyl generated sales of $580 million in 2021 and a hefty $235 million in profits. In the wake of the invasion, many chemical firms announced they were pulling out of Russia . At the time, Solvay pledged to suspend operations in the country, and it halted dividend payments from the joint venture. It announced earlier this year that it was in negotiations to sell the unit to its partner, the Russian chemical maker Sibur. Solvay will register a $185 million loss when the deal is completed. The company at
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