2016
In € million

 

Acquisitions

 

Disposals

 

Total

Subsidiaries

 

(23)

 

144

 

120

Other

 

(2)

 

6

 

4

Total investments

 

(26)

 

150

 

124

Tangible/intangible assets

 

(981)

 

76

 

(904)

Total

 

(1,006)

 

226

 

(780)

2015
In € million

 

Acquisitions

 

Disposals

 

Total

Subsidiaries

 

(4,835)

 

70

 

(4,765)

Associates and joint ventures

 

(13)

 

 

 

(13)

Other

 

(15)

 

(232)

 

(247)

Total investments

 

(4,862)

 

(162)

 

(5,024)

Tangible/intangible assets

 

(1,037)

 

31

 

(1,006)

Total

 

(5,899)

 

(131)

 

(6,030)

In 2016

The acquisition of subsidiaries (€ (23) million) relates mainly to the acquisition of Primester (€ (33) million) in 2016. The balance is related to prior year acquisitions: Cytec (€ (44) million), release of the Chemlogics holdback (€ 74 million), and Erca Emery Surfactant (€ (16) million).

The disposal of subsidiaries (€ 144 million) relates mainly to the disposal of Inovyn (€ 335 million) and Indupa (€ (157) million).

The acquisition of tangible and intangible assets (€ (981) million) relates to various projects:

  • Composite Materials: expansion of adhesive capacity in Wrexham (United Kingdom);
  • Composite Materials: new resin infusion facility in Ostringen (Germany);
  • Peroxides: build-up of a megaplant H2O2 joint operation in the Kingdom of Saudi Arabia with Sadara (JV Dow-Aramco);
  • Peroxides: construction of a 60Kt H2O2 plant at Zhengiang (China);
  • Peroxides: H2O2 capacity expansion in Longview (United States);
  • Silica: build-up of new highly dispersible silica (HDS) plant in Gunsan (South Korea);
  • Special Chem: new eH2O2 plant in Rosignano (Italy);
  • Specialty Polymers: investment in Fluorelastomers and PVDF in Changshu (China); and
  • Specialty Polymers: investment in PEEK capacity (United States).

In 2015

The acquisition of subsidiaries (€ (4,835) million) related mainly to the acquisition of Cytec (€ (4,807) million).

The acquisition of associates and joint ventures (€ (13) million) related to the capital increase in RusVinyl.

The disposal cash-out (€ (232) million) related to the tax cash-out on Eco Services capital gain.

The other disposal (€ 70 million) related mainly to Inovyn net cash in (€ 58 million): up front net proceeds from Inovyn of € 150 million adjusted for cash transfers and other financial flows with the joint venture, as well as divestment costs, totaling € (92) million.

The acquisition of tangible and intangible assets (€ (1,037) million) related to various projects:

  • Aroma Performance: new vanillin production plant in Zhenjiang (China), boosting its production capacities by 40%;
  • Novecare: expansion of ethoxylation capacity in Asia and the United States;
  • Novecare: expansion and rationalization of its production capacity in Brazil;
  • Peroxides: construction of a megaplant H2O2 joint operation in the Kingdom of Saudi Arabia with Sadara (joint venture Dow-Aramco);
  • Peroxides: construction of a 60Kt H2O2 plant at Zhengiang (China);
  • Soda Ash and Derivatives: construction of a large sodium bicarbonate plant (Thailand);
  • Specialty Polymers: investment in Changshu (China); and
  • Specialty Polymers: investment in PEEK capacity (United States).