Belgian multinational chemical company Solvay has announced plans to split into two independent publicly traded companies.

Following the planned division of the company – expected to be completed in December pending customary conditions – the Solvay name would be maintained for EssentialCo while Syensqo would be the new name of SpecialityCo, Solvay said on 20 June.

Renewable materials and biotechnology would come under the Svensqo umbrella, the company said, but Specialty Polymers, Composites, Novecare, Aroma, Technology Solutions and Oil and Gas would also

Businesses in Syensqo would include Specialty Polymers, Composites, Technology Solutions and Oil & Gas, as well as growth platforms in batteries, green hydrogen, thermoplastic composites, renewable materials and biotechnology, the company said.

The businesses with Syensqo generated sales of approximately €7.9bn euros (US$8.6bn) last year.

The new Solvay would make soda ash, peroxides, silica and similar products, the company said.

Products currently offered by Solvay include oil dispersion formulations based on vegetable oil for crop protection such as Geronol Odessa and AgRHEA OD-EASY and a personal care range based on natural feedstocks.

The company’s Naternal brand of bio-based bio-degradable polymers – derived from guar and other natural feedstocks – has been developed for hair and skin care solutions.

With almost 100 production sites globally, Solvay said it was working on bio-mimetic cosmetic ingredients, sustainable solutions for crop protection and bio-based polymers along with other products.