The materials segment includes both the speciality polymers and composite materials businesses, and has been identified as the primary segment for growth and investment as part of Solvay's G.R.O.W. strategy launched in 2019. In his new role, he will have commercial and operational oversight on both businesses.
“I am delighted that Carmelo will be leading our materials segment,” said Solvay CEO Ilham Kadri. “He 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 €2.6 billion 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 honour to take on this new role,” said Carmelo Lo Faro (pictured). “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.
