European Commission has granted final approval to Solvay and Ineos for their 50:50 chlorvinyls joint venture, to be known as 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 make final preparations to close their agreement and to form Inovyn on 1 July 2015.
"We are delighted to have achieved this very important milestone and to be able to move forward with Inovyn. The joint venture 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,” commented Chris Tane, CEO, Ineos ChlorVinyls and future CEO of Inovyn.
To be headquartered in London, Inovyn will have pro-forma sales of more than Euro 3 billion, with assets across 18 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK.
Karim Hajjar, chief financial officer and member of Solvay's executive committee, said, "The formation of Inovyn is a major step in the reshaping of Solvay's portfolio and business profile. 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 joint venture."
Solvay and Ineos will now make final preparations to close their agreement and to form Inovyn on 1 July 2015.
"We are delighted to have achieved this very important milestone and to be able to move forward with Inovyn. The joint venture 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,” commented Chris Tane, CEO, Ineos ChlorVinyls and future CEO of Inovyn.
To be headquartered in London, Inovyn will have pro-forma sales of more than Euro 3 billion, with assets across 18 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK.
Karim Hajjar, chief financial officer and member of Solvay's executive committee, said, "The formation of Inovyn is a major step in the reshaping of Solvay's portfolio and business profile. 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 joint venture."