Solvay, Ineos combine European chlorvinyls activities

Solvay, Ineos to combine European chlorvinyls activities

7:24 AM, 7th May 2013
Solvay, Ineos to combine European chlorvinyls activities
Jean-Pierre Clamadieu, CEO, Solvay.

BRUSSELS, BELGIUM: Solvay and Ineos have signed a Letter of Intent (LOI) to combine their European chlorvinyls activities in a proposed 50-50 joint venture. The combination would form a polyvinyl chloride (PVC) producer ranking among the top three worldwide. It would build on the strengths of both the companies’ industrial assets, the skills of teams and the complementarity of geographical presence in order to enhance competitiveness.

The combined business would have around 5,650 employees in 9 countries and would pool each company’s assets across the entire chlorvinyls chain. This includes PVC, which is the third most-used plastic in the world, caustic soda and chlorine derivatives.

“This proposed partnership is an ambitious and value-creating industrial project. We want to create a world-class player that will benefit from the high-quality assets of both companies. The joint venture will improve the competitiveness of its operations in a very challenging environment regarding feedstock and energy costs in Europe,” said Jean-Pierre Clamadieu, CEO, Solvay.

“We are convinced that this is the right project to secure, for the long term, the development of Solvay’s European chlorvinyls activities, of its employees and its plants. Furthermore, this transaction would substantially change our portfolio of activities and allow us to accelerate Solvay’s transformation into a chemical group focused on growth and high-margin businesses,” added Clamadieu.

© WOC News

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