Sector News

Solvay and INEOS sell assets to holding company ICIG

March 19, 2015
Chemical Value Chain
(Reuters) – Belgian chemicals group Solvay said it agreed to sell some assets to chemical holding company ICIG, as part of a deal with the European Commission to get its PVC joint venture with Switzerland-based INEOS cleared.
 
Solvay said the sale included plants in Belgium, France, the Netherlands, Germany and Britain but did not give any financial details.
 
The joint venture between Solvay and INEOS, with estimated sales of 4.3 billion euros ($4.61 billion), will be the world’s second-biggest PVC producer after Japan’s Shin-Etsu.
 
The European Commission, which acts as the competition watchdog in the European Union, cleared the deal in May 2014, stipulating that the two groups had to divest certain assets to allay competition concerns. ($1 = 0.9337 euros) (Reporting by Robert-Jan Bartunek)

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