Solvay announced today that Carmelo Lo Faro, previously president of Solvay's composite materials business unit, is promoted to a new role as president of Solvay's materials segment, effective immediately. The materials segment includes both the specialty polymers and composite materials businesses and has been identified as the primary segment for growth and investment as part of Solvay's Grow strategy launched in 2019. In his new role, he will have commercial and operational oversight on both businesses.

The materials segment had revenues of 2.6 billion euros in 2020 and provides advanced materials to multiple markets. Solvay materials make cars and airplanes lighter and more fuel efficient; they make Li-ion battery packs lighter and more durable; and implantable and medical devices safer.

“It is an honor to take on this new role”, said Carmelo Lo Faro. “I’m proud that our materials segment is transforming many markets and enabling industry to create a sustainable future. I look forward to working with our talented people to meet our customers’ needs and grow together”.

Lo Faro joined Solvay as part of its 2015 acquisition of Cytec Industries, which strengthened the foundation for Solvay's world-leading composite materials business today. He takes over responsibility for Solvay's specialty polymers unit from Michael Finelli, who has taken on a new role to lead Solvay's strategic growth platforms.