Solvay and Mubadala create joint venture in UAE to expand 777X supply
Brussels, Seattle, Abu Dhabi, July 11, 2016 --- Solvay and Mubadala Development Company, the Abu Dhabi-based investment and development company, are further strengthening their solid strategic relationship with a new joint venture that will deliver advanced composite materials for the empennage and floor beams of Boeing's new 777X program. The announcement was made today at the 50 th edition of the Farnborough International Airshow, United Kingdom.
Solvay and Mubadala are creating a 50/50 joint venture to supply carbon fiber pre-impregnated (prepreg) composite materials to support the 777X needs. The new company will be located in the United Arab Emirates (UAE) and is expected to be operational by 2021. Today's announcement follows the strategic partnership both companies established in 2013 to reinforce the development of the Abu Dhabi aerospace industry and to strengthen the creation of prepreg manufacturing capabilities.
"After close collaboration with Mubadala and Solvay to expand the supply of aerospace composites, Boeing is pleased to be the first customer for their new joint venture in the U.A.E.," said Ray Conner, president and CEO, Boeing Commercial Airplanes. "Our commitment to purchase this prepreg material for the 777X meets several important goals for Boeing, from further advancing aerospace industry development in the U.A.E. to expanding high-quality materials in our supply chain."
Mubadala will create the JV through its advanced aerostructures company, Strata Manufacturing. Located in Abu Dhabi's capital of Al Ain, the JV will promote the establishment of a sustainable aerospace industry.
Homaid Al Shimmari, CEO of Aerospace and Engineering Services at Mubadala commented: "Boeing has been a key global partner of ours for years. Together with Solvay, we will further develop our capabilities in advanced composite materials to expand the supply chain and create a materials ecosystem in Abu Dhabi. The creation of a new manufacturing facility at the Nibras Al Ain Aerospace Park supports our efforts of delivering on Abu Dhabi's Economic Vision 2030 by developing a regional Aerospace Hub for Abu Dhabi."
Solvay's prepreg-technology, consisting of fiber reinforcements pre-impregnated with a resin matrix used in creating a composite part, provides exceptional performance at lower weight compared to metal structures. The composite content of next-generation aircraft continues to grow as manufacturers of large commercial aircraft like Boeing's 777X aim to reduce weight, improve fuel efficiency and reduce CO2 emissions.
" Solvay's teaming up with Mubadala in this essential project in support of Boeing's growth plans showcases our capabilities in advanced aerospace composite technologies, including primary structure applications," said Jean-Pierre Clamadieu, CEO of Solvay . "We are proud to be part of the innovative 777X aircraft."
An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world's top 3 players. Solvay SA (
) is listed on Euronext in Brussels and Paris (Bloomberg:
About Mubadala Development Company
Established and owned by the Government of Abu Dhabi, the company's strategy is built on the creation of partnerships and on long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and that contribute to the growth and diversification of its economy. Mubadala brings together and manages a multi-billion dollar portfolio of local, regional and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors. These include aerospace, semiconductors, metals & mining, oil & gas, renewables, information & communications technology, healthcare, real estate & infrastructure, and services. For more information about Mubadala, please visit www.mubadala.com .
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Source: Solvay S.A. via GlobeNewswire