Solvay and INEOS have received final approval from the European Commission to form 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 are now making final preparations to close their agreement and to form INOVYN(TM) on 1 July 2015.
"We are delighted to have achieved this very important milestone and to be able to move forward with INOVYN,” commented Chris Tane, CEO INEOS ChlorVinyls and future CEO of 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.”
To be headquartered in London, INOVYN will have pro-forma sales of more than €3 billion, with assets across 18 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK.
Governance of INOVYN will be shared between INEOS and Solvay, with equal representation on the Supervisory Board. D
Day to day management of the business will be led by an Executive Team consisting of Chris Tane as CEO, Mike Maher as CFO and Julie Taylorson as Procurement Director (all currently INEOS) and Filipe Constant as Business Director, Jean-Michel Mesland as Operations Director and Otto Grolig as General Counsel (all currently from Solvay).