Sector News

Solvay and INEOS intend to advance Solvay's exit from INOVYN JV

March 16, 2016
Chemical Value Chain

Solvay and INEOS today announce their intention to end their 50/50 chlorovinyls INOVYN joint venture earlier than originally foreseen, with INEOS to become the sole shareholder.

Solvay and INEOS formed INOVYN in July 2015, with Solvay’s exit originally planned in July 2018. Upon exit, Solvay would receive a final exit price payment of €335 million.

“Thanks to the fast and efficient integration of its teams and assets, INOVYN is now a sound and sustainable chlorovinyls player. This allows us to bring forward Solvay’s exit and to further focus on its portfolio transformation, while achieving a first step in de-leveraging the balance sheet,” said Jean-Pierre Clamadieu, CEO of Solvay.

“INEOS is very comfortable with the proposed early acquisition of the full shareholding of the INOVYN joint venture. Chlorovinyls businesses are core to large petrochemicals companies such as ours and through this planned acquisition INOVYN will have an owner with a long term vision that provides stability for its business and employees,” comments Jim Ratcliffe, Chairman of INEOS.

Closing of the transaction is likely to occur in the second half of 2016, subject to finalizing definitive legal agreements and customary regulatory approvals.

Source: Benzinga

Related News

February 28, 2021

Borealis to invest in new RTO to reduce CO2 emissions at Porvoo polyolefins plant

Chemical Value Chain

This equipment will significantly lower the site’s CO2 emissions, reduce flaring and save around 60 gigawatt hours (GWh) energy each year. Project kick-off is in February 2021, with completion planned for 2023.

February 28, 2021

Grace to acquire Albemarle’s fine chemistry business for $570 million

Chemical Value Chain

The acquisition significantly strengthens and expands Grace’s existing pharma portfolio. Pharma & Consumer is the largest, fastest growing and most profitable subsegment within Grace’s Materials Technologies business.

February 28, 2021

Solvay to carve out soda ash business

Chemical Value Chain

Solvay says it has decided to organize its soda ash and derivatives business into a separate and fully controlled legal structure.

Send this to a friend