Solvay, Ineos get EU clearance form chlorvinyls joint venture

Solvay, Ineos get EU clearance to form chlorvinyls joint venture

6:10 PM, 9th June 2015
Solvay, Ineos get EU clearance to form chlorvinyls joint venture

BRUSSELS, BELGIUM: Solvay SA and Ineos Group Ltd said they have received the final European commission approval to form their 50/50 chlorvinyls joint venture - INOVYN. This follows commission approval of International Chemical Investors Group’s (ICIG) acquisition of the remedy business that is being divested by Ineos as a condition of clearance.

Solvay and Ineos will now form INOVYN on 1 July, they said.

To be headquartered in London, INOVYN will have pro-forma sales of more than €3 billion, with assets across 18 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK.

Day to day management of the business will be led by an executive team consisting of Chris Tane as CEO, Mike Maher as CFO and Julie Taylorson as procurement director (all currently Ineos) and Filipe Constant as business director, Jean-Michel Mesland as operations director and Otto Grolig as general counsel (all currently from Solvay).

“We are delighted to have achieved this very important milestone and to be able to move forward with INOVYN. The JV will bring together the strengths of the respective chlorvinyls activities of Ineos and Solvay to create a world scale business that will be better able to serve its customers and rapidly respond to changing European markets,” said Chris Tane, CEO, Ineos chlorvinyls and future CEO of INOVYN.

“The formation of INOVYN is a major step in the reshaping of Solvay’s portfolio and business profile,” said Karim Hajjar, chief financial officer and member of Solvay’s executive committee. INOVYN will be a highly competitive and solid player, securing the long-term prospects of our customers and the employees who will become part of the JV, added Hajjar.

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