Edison, the former owner of Syensqo’s Spinetta Marengo site, completes a second round of compensation for breaching environmental representations
Syensqo received a second round of compensation from Edison following a decision of the (International Chamber of Commerce (ICC) Tribunal in Geneva, Switzerland. The outcome follows more than 10 years of legal proceedings in relation to claims of environmental breaches by Edison in the context of the acquisition of the Italian company Ausimont in 2002.
The first award ordering Edison to pay € 91.5 million in 2023 for costs, losses and damages suffered by Solvay - now Syensqo - relates to the period up to the end of 2016. The second payment of damages by Edison awarded at the end of August (€ 90.8 million) relates to a second phase in the arbitration for costs, losses and damages suffered by the company from January 2017 onwards.
Syensqo (at that time Solvay) acquired the Spinetta Marengo site based on representations which failed to disclose material environmental breaches. Upon discovering important deficiencies and misrepresentations, the company initiated proceedings against Edison and mobilized considerable technical and financial resources to undertake important remedial actions. The company has also invested significantly in optimizing and modernizing our facility at Spinetta Marengo since the acquisition (over €300 million euros specifically dedicated to health, safety, modernization, and initiatives reducing environmental impact). We are proud of the positive effects of our actions in remediating past pollution of the environment - guided by our sustainability commitments.
Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates in 30 countries.
Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and healthcare applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity.
Learn more at www.syensqo.com.