Thomas Wrigglesworth's questions to Solvay SA (SLVYY) leadership • Q1 2025
Question
In a follow-up, Thomas Wrigglesworth of Morgan Stanley asked for more detail on the rare earth chemicals supply from China, specifically if Solvay was building inventory to mitigate tariff risks or if the situation was business as usual.
Answer
CEO Philippe Kehren clarified that the primary issue is not tariffs but an export control implemented by China on certain heavy rare earths. He explained that Solvay needs these materials for its autocatalysis business, is currently operating with existing inventory, and is actively working with Chinese authorities to secure the necessary licenses to continue exporting in the future.