Chemical group Solvay (Brussels / Belgium; www.solvay.com
) has appointed Carmelo Lo Faro as the new president of Solvays materials segment. Lo Faro was previously the president of Solvays composite materials business unit, and had joined the group as part of its 2015 acquisition of Cytec Industries (see Plasteurope.com of 15.12.2015
Le Faro will have commercial and operational oversight over both businesses under the materials segment, specialty polymers and composite materials. He takes over the specialty polymers unit from Michael Finelli, who has been appointed as the chief North America officer and president of the groups growth initiatives.
CEO Ilham Kadri said, Carmelo brings more than 20 years of experience in research and innovation, strategy, business development and general management in advanced materials, which will be invaluable in helping us deliver high-margin growth, progress innovation with our customers and drive sustainability in key markets.
The materials segment had revenues of EUR 2.6 bn in 2020 and provides materials to multiple markets. With more than 23,000 employees in 64 countries, Solvay delivered net sales of EUR 9 bn in 2020.