Basell, the global leader in advanced polyolefins, announced today that it has signed a definitive agreement with Solvay by which Basell will acquire Solvay Engineered Polymers, Inc., a leading supplier of polypropylene compounds in North America.

The transaction is subject to relevant regulatory approvals and is expected to close in early 2008.

“The acquisition of Solvay Engineered Polymers will complement Basell's existing Polymer-based Composite Materials and Alloys (PCMA) business in North America, and by combining these businesses we will be better positioned to serve our customers in this region with products designed to meet their needs,” said Paul Yeates, President of Basell Advanced Polyolefins. “In addition, there will be an excellent opportunity to learn from one another and combine each other’s application and product-development strengths.”

Commenting on the transaction, Vincenzo Morici, General Manager of the Specialty Polymers Strategic Business Unit at Solvay, said: “Over the past years, SEP has made great progress in expanding its product and application range. Joining Basell is now the right way forward for Solvay Engineered Polymers, as it will provide the company with upstream integration into key raw materials and access to complementary technologies and market segments.”