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  "documentTitle": "Solvay SA (SOLB BB)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "The slide uses a visual breakdown of percentages for Soda Ash applications and highlights Bicar as a distinct, higher-value derivative.",
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      "text": "Over 50% of global soda ash production is used in glass manufacturing",
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      "text": "Solvay's Soda Ash and Derivatives business segment is diversified. 20% is used for flat glass applications; 15% is used in container glass; 10% is used in detergents and cleaning agents; and 30% is used in industrial applications to produce sodium silicates and lithium carbonate for EV batteries. Finally, a quarter of this segment is not soda ash, but a derivative called BICAR, which is sodium bicarbonate. It's used in highly value-added pharmaceutical-grade and food applications. BICAR can sell for much more than soda ash, particularly for pharmaceutical grade, and its market is growing twice as fast.",
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      "text": "Solvay’s Soda Ash and Derivatives business segment is diversified. 20% is used for flat glass applications; 15% is used in container glass; 10% is used in detergents and cleaning agents; and 30% is used in industrial applications to produce sodium silicates and lithium carbonate for EV batteries. Finally, a quarter of this segment is not soda ash, but a derivative called BICAR, which is sodium bicarbonate. It’s used in highly value-added pharmaceutical-grade and food applications. BICAR can sell for much more than soda ash, particularly for pharmaceutical grade, and its market is growing twice as fast.",
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      "text": "Source: Solvay Capital Markets Day, November 13, 2023.",
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