Solvay & INEOS Create INOVYN, a Leading Chlorovinyls Producer

Source: www.gulfoilandgas.com 7/1/2015, Location: Europe

Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European Commission approval.

“Solvay’s transformation has reached a key milestone with the creation of INOVYN and we will continue to focus on increasing its growth, returns and resilience,” said Jean-Pierre Clamadieu, CEO of Solvay. “I want to thank all the teams involved for their commitment in making this happen and I wish the very best to all the employees who begin a new adventure with INOVYN and will ensure its success”.

"The INOVYN Joint Venture combines two businesses with a strong heritage in the chlorovinyls industry, creating a company fit to thrive in an ever changing business environment," said Jim Ratcliffe, Chairman of INEOS. "This is now truly a world scale business, well placed to respond rapidly to customer needs in a challenging, competitive market."

The finalized terms of the Joint Venture agreement remain materially unchanged from those announced in June last year. Solvay received upon closing an upfront cash payment of €150 million – subject to customary adjustments such as actual working capital levels. In addition to contributing their entire European chlorovinyl business Solvay has transferred liabilities estimated at €260 million into the Joint Venture. In three years’ time, Solvay will exit INOVYN and receive an additional, performance-based payment targeted to be €280 million, with a minimum of €95 million. Thereafter, INEOS will be the sole owner of the business.

Also effective July 1st, Solvay is buying BASF’s 25% stake in its PVC Joint Venture SolVin*. Financial details are not disclosed. In addition, Solvay and INOVYN have agreed to continue supplying basic chemicals to the BASF site in Antwerp.

Headquartered in London, INOVYN has pro-forma sales of more than €3 billion, with 4,300 employees and assets across 18 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK. Governance of the Joint Venture is equally split between the partners.

*SolVin: JV between Solvay (75%) and BASF (25%). Solvay contributed its vinyl activities, formerly part of SolVin, to INOVYN.


India >>  11/1/2024 - Global water technology company A. O. Smith Corporation (the "Company") announced it has completed its acquisition of Pureit, a Unilever PLC business ...
Norway >>  11/1/2024 - Reference is made to the stock exchange announcements made by DOF Group ASA ("DOF" or the "Company") on 2 July 2024 in which it was announced (i) that...

Turkey >>  11/1/2024 - In April 2024, DFDS entered into a share purchase agreement to acquire the international transport network of Ekol Logistics.

As noted in t...

United States >>  11/1/2024 - GSE Solutions ("GSE Systems, Inc." or "GSE"), a leader in advanced engineering solutions that supports the future of clean-energy production and decar...

United States >>  11/1/2024 - Everus Construction Group announced the successful completion of its spinoff from MDU Resources Group, Inc. (NYSE: MDU). As a result of the spinoff, E...
United States >>  11/1/2024 - MDU Resources Group, Inc. announced the successful completion of the spinoff of its construction services subsidiary, Everus Construction Group. As a ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.