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    Tom Wrigglesworth

    Research Analyst at Morgan Stanley

    Tom Wrigglesworth is an Executive Director and Senior Equity Analyst at Morgan Stanley, specializing in the chemicals and materials sector. He covers a range of major European chemical companies, including Novonesis, BASF, Elkem, and Solvay, and is noted for high-profile calls such as upgrading BASF to Overweight with ambitious price targets and initiating Novonesis at Overweight. Wrigglesworth joined Morgan Stanley prior to 2021 and has held this senior analyst role for several years, drawing on experience as a leading industry specialist. He holds professional credentials consistent with major sell-side analysts and is recognized by clients seeking actionable equity research in the European chemicals industry.

    Tom Wrigglesworth's questions to SOLVAY S A /ADR/ (SLVYY) leadership

    Tom Wrigglesworth's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q1 2025

    Question

    Inquired about the Q1 volume decline, the growth prospects for bicarbonate, the impact of tariffs on the Specialty Chemicals business in China, and the logistics of exporting rare earth chemicals from China amidst trade tensions.

    Answer

    The expected soda ash recovery has not materialized due to market uncertainty and a delayed restart in flat glass. Bicarbonate growth remains strong, driven by flue gas treatment and pharma. The company's tariff exposure is limited due to its local-to-local model, with the main concern being Chinese export controls on heavy rare earths, for which they are working to secure licenses and currently using inventory.

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