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.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

BASF to sell its global paper hydrous kaolin business to Imerys

LUDWIGSHAFEN, GERMANY/GORDON, US: BASF SE said it will sell its global paper hydrous kaolin (PHK) business to Paris, France-based Imerys, a leader in ...

Read more
Scale down toxic waste: All shook up for greener chemistry

CINCINNATI, US: Solvent-free chemistry, more common in Europe and Asia, is gaining notice among American manufacturers due to environmental concerns a ...

Read more
World’s smallest spirals could guard against identity theft

NASHVILLE, US: Take gold spirals about the size of a dime and shrink them down about six million times. The result is the world’s smallest conti ...

Read more
Turning paper industry waste into chemicals

LEUVEN, BELGIUM: Researchers at the KU Leuven Centre for surface chemistry and catalysis have found a more eco-friendly way to derive lignin - a paper ...

Read more
Dupont declares spin-off dividend of Chemours company shares

WILMINGTON, US: Dupont said that common shareholders will receive one share of Chemours common stock for every five shares of Dupont common stock to b ...

Read more
Saudi Kayan starts commercial production at Jubail detergents plant

RIYADH, SAUDI ARABIA: Saudi Kayan Petrochemical Co, the Sabic affiliate, said last week that it has started commercial operations at its natural alcoh ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X