Solvay to Reduce Discharge at Italy Plant After Investor Pressure

By Pierre Bertrand

Solvay SA said Tuesday that it has reached a settlement with activist investor Bluebell Capital Partners after agreeing to reduce the discharge of limestone residue into the sea from its plant at Rosignano in Italy, and to invest in a new soda-ash production process.

The new production method, intended to be adopted globally, will enable the Belgian chemical and plastic products manufacturer to further cut emissions and reduce limestone residues discharge to zero by 2050, the two said in a joint statement.

Solvay and ESG-focused fund Bluebell said that as result of Solvay's commitments, Bluebell's One-Share Environmental, Social and Governance campaign relating to Solvay has ended.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

09-06-22 0319ET