SOLVAY's recent €6.6m bid for fellow refrigerant manufacturer Rhodia could be a precursor to further such deals this year, according to financial analysts, as the sector experiences increased profitability and continued consolidation.
The transaction, which is subject to regulatory approvals in the EU and the US, will create a group with annual sales of €12 billion.

The move comes as some of the leading refrigerant manufacturers report impressive first quarter results. DuPont's Performance Chemicals business, of which refrigerants is a part, experienced sales of $1.8bn ­up 27% on 2010, with 21% higher selling prices and 6% higher volume.

Meanwhile, sales at Honeywell's Speciality Materials division were up 19% compared with the first quarter of 2010.