Rhodia (company) - History

History

Rhodia is a public company that was founded on January 1, 1998 following the spin-off of the chemicals, fibers and polymers activities of Rhône-Poulenc when it merged with the German company Hoechst. On June 25, 1998, Rhône-Poulenc sold 32.7% of its share in Rhodia’s capital to the public. Rhodia became a listed company. In 1999, Rhodia made two acquisitions:

• The Engineering Plastics activity of the top Korean group Hyosung, for Rhodia’s Polyamides business unit.
• The Iberica Mix & Fix Center activity of Quimica Dos. The Mix & Fix Center is a unit that formulates and sells ready-to-use Hot Vulcanizable Silicone Elastomers.

From October 1999, Rhône-Poulenc, which became Aventis then Sanofi-Aventis, gradually reduced its stake in Rhodia’s capital. It sold all its shares in the company on October 17, 2006.

In 2000, Rhodia grew in the United Kingdom and the United States by buying out Albright and Wilson and ChiRex. In 2002 Rhodia sold off its basic chemicals activities in Europe (phenol, hydrochloric acid, sodium carbonate) and its holdings in Latexia (which was the world’s number two for latex for paper) and Teris (treatment of toxic waste. In 2004, Rhodia sold its food ingredients business. On March 31, 2004, Yves-René Nanot was appointed chairman of the board of directors. In 2005, it sold the chlorine (in the United Kingdom), phosphates and sulfuric acid (in Belgium) activities.

In 2006, Rhodia sold its latex business, plus its synthesis activity, and its facilities for the production of industrial wires and fibers in Europe. 2006 saw the creation of Orbeo, a joint venture with Société Générale, in the field of origination, trade and sale of carbon credits. Orbeo represents 8% of the carbon market.

In 2007, Rhodia sold its silicones production activity and its Nylstar subsidiary (synthetic textile fiber) and acquired the alumina activity of WR Grace. In 2008, Rhodia sold its fine organic chemicals and pharmaceutical activities. On March 17, 2008, the Board of Directors appointed Jean-Pierre Clamadieu as the Chairman and CEO of Rhodia. This appointment followed the resignation of Yves-René Nanot from his position as the Chairman of the Board of Directors as a result of the statutory conditions applying to age limits.

In 2009, Rhodia acquired two companies: OneCarbon International and the McIntyre group (specialized surfactants, United States).ref name="acuqisitionOnecarbonmcintyre"/> In 2010, Rhodia acquired an 87% stake in the capital of Feixiang Chemicals. On January 1, 2011, Rhodia set up a new organization. Operational activities are now organized in 11 business units, in five sectors of activity: Consumer Chemicals, Advanced Materials, Polyamide Materials, Acetow & Eco Services and Energy Services. The additional Support Function Group includes corporate activities.

In the first quarter of 2011, the Belgian chemicals group Solvay launched a friendly public take-over bid for Rhodia. The operation was authorized by the boards of directors of both groups. On March 8, 2011, Rhodia announced the finalization of the acquisition of the Suzhou HiPro Polymers guar derivatives production plant in Zhangjiagang, China and on April 13, 2011, Rhodia completed the acquisition of the engineering plastics activity of the Indian company PI Industries Ltd (PIIL), following the approval of the Indian authorities.

In September 2011, Solvay’s tender offer on Rhodia was successfully completed and Rhodia became a sector of the Solvay group.