The sale of its cash-cow pharma unit leaves Belgium's Solvay SA (SOLB.BT) a pure chemicals and plastics player that wants to reinvent itself by investing the billions of euros it got from Abbott Laboratories (ABT) in potential high growth markets, like South America and Asia.

The company, one of Belgium's oldest, will get EUR4.5 billion cash from its deal with the U.S. drugs company. It looks set to use much of that on opening up new plants in key regions and by making acquisitions in the core chemicals and plastics arenas.

"We are building a new refocus for the group," said Chief Executive Christian Jourquin. He said Solvay intends to focus on specific regions where the potential for growth is clear, as well as on products with high added value. The conglomerate said earlier this year that demand was picking up in Asia, thanks to China, and in the four Mercosur trading bloc nations - Brazil, Argentina, Paraguay and Uruguay.

Solvay might have better chances to make acquisitions in plastics, while developing its own business in chemicals, said Degroof analyst Bernard Hanssens.

Plastics companies work closely with the clients to develop specific products, therefore the fastest way to grow would be through acquisitions.

In chemicals, Solvay has solid potential to expand its own production in Asia, Hanssens added.

Solvay is likely to be targeting companies which have some cutting edge technology, in areas such as components for energy solar panels, and in niche products with high margins and strong growth potential.

Speculation has already begun over which companies Solvay might target.

Belgian specialist materials company Umicore SA (UMI.BT) is a recurring name. It is a specialized, niche chemical maker, it is strong in Asia, and it has a good return on capital, noted Hanssens.

Umicore's head of investor relations Geoffroy Raskin had no comment.

Shares in Umicore gained 3.9% Monday, the day of Solvay's announcement, making them the best performers in the Bel-20 index of shares listed in Brussels. ASOlvay's stock meanwhile fell 0.1%, one of the only two negative stocks Monday.

Solvay's share price performance Monday might have reflected disappointment over the price the group got for its pharmaceuticals unit. Some analysts were expecting a somewhat higher price compared with the overall value of the pharma transaction, which the company set at around EUR5.2 billion.

Whatever the company wants to do with the money, it needs to act fast, so that it can already start bidding once it gets the cash early next year. "Every day you have the cash sitting there, you lose millions," said Fabian Wenner, an analyst at UBS.

Company Web sites: www.solvay.com/

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com