Closing of the transaction is likely to occur in the second half of 2016, subject to finalizing definitive legal agreements and customary regulatory approvals. Brussels, July 7, 2016 --- Solvay has today completed the divestment of its shareholding in INOVYN, bringing to an end its chlorovinyls joint venture with INEOS. INEOS | 112,990 followers on LinkedIn. The finished products will be shipped to clients worldwide from the port of Antwerp. The combination, formed in July 2015, has created a PVC … We use cookies to make sure you get the most from our website. Solvay and Ineos have signed a definitive agreement to create a new player in chlorovinyls, to be named Inovyn. The combination, formed on 1 July 2015, has created a PVC producer that ranks among the top three worldwide. 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. “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”. After this point, INEOS will be the sole owner of the business. All rights reserved. Inovyn, the vinyls producer now wholly owned by Ineos, has decided to invest in a new cellroom at Cologne, Germany to produce chlorine and caustic soda.Chlorine output will be sold mainly to sister company Ineos Oxide, while caustic soda output will be sold on the open market. The joint venture is expected to be effective by year-end following the divestments required by the European Commission. Belgium-based chemical company Solvay is planning to make an early exit from its 50/50 chlorovinyls joint venture (JV), called Inovyn, with Ineos, allowing the latter to become the only shareholder. Solvay and INEOS founded Inovyn in June 2014 to pool both chemical concerns’ expertise in chlorovinyls production. In addition, a membrane chlorine plant at Runcorn is to be placed in a 50/50 joint venture between ICIG and Inovyn, the joint venture formed by Ineos and Solvay last year. Solvay SA SOLB.BE) is listed on Nyse Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLBt.BR). INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR). Governance of INOVYN is shared between INEOS and Solvay, with equal representation on the Supervisory Board. Solvay received upon closing an upfront cash payment of €150 million – subject to customary adjustments such as actual working capital levels. Day to day management of the business is by the Executive team below. It comprises 15 businesses each with a major chemical company heritage. INEOS and Solvay announce the start up of their Joint Venture INOVYN. INOVYN is a 50/ 50 Joint Venture that combines the respective chlorvinyls activities of INEOS and Solvay. Its network spans 65 sites in 16 countries throughout the world. Ineos' growth has continued through this period, expanding production in the US and China. It will builds on the strengths of the companies' industrial assets, team skills and regional complementarity to enhance competitiveness. Inovyn’s London-based management chose Antwerp because of its excellent export location. Article 8(2) Regulation (EC) 139/2004 . Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life. PRESS RELEASE. Inovyn will pool Solvay and Ineos's European assets across the entire chlorovinyls chain: PVC, the world's third most-used plastic, caustic soda and chlorine derivatives. Site designed and developed by The MTM Agency. The combination, formed in July 2015, has created a PVC … Solvay and INEOS formed Inovyn in July 2015, with Solvay's exit originally planned in July 2018. Solvay is headquartered in Brussels with about 30,000 employees spread across 53 countries. See all our local websites | Our Worldwide Presence, 沪ICP备15007541号-5 | 沪公网安备 31011202001085号, Solvay and INEOS sign binding agreement on Solvay's exit from INOVYN joint venture, Solvay completes exit of INOVYN joint venture, Solvay and INEOS obtain European Commission clearance for creation of INOVYN joint venture. | INEOS is a global manufacturer of petrochemicals, specialty chemicals as well as Oil & Gas. Thereafter, INEOS will be the sole owner of the business. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players. Solvay and INEOS create INOVYN, a leading chlorovinyls producer. This text is made available for information purposes only. INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. INEOS has today completed its acquisition of the full shareholding in INOVYN, which brings to an end Solvay’s part interest in the Company. Copyright © 2020. Solvay and INEOS formed INOVYN in July 2015, with Solvay's exit originally planned in July 2018. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. CASE M.6905 – INEOS/ SOLVAY/ JV (Only the English text is authentic) MERGER PROCEDURE . INOVYN is a 50-50 Joint Venture that combines the respective chlorvinyls activities of INEOS and Solvay. INEOS and Solvay formed INOVYN as a 50/50 Joint Venture in July 2015, with Solvay's exit originally planned for July 2018. This website is published by INEOS on behalf of its businesses. However, as of 07 July 2016, the companies completed works ahead of schedule after final regulatory clearances were granted. 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. Its production network spans 51 manufacturing facilities in 11 countries throughout the world. On March 31, 2016, Solvay and INEOS announced they had signed the binding agreement to end their Inovyn chlorovinyls joint venture, following their intentions announced on March 16, 2016. Upon exit, Solvay would receive a final exit price payment of €335 million. Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European Commission approval. Brussels, March 19, 2015 --- Solvay and INEOS have reached an agreement with International Chemical Investors Group (ICIG) to acquire the assets being divested by INEOS.This agreement, which follows extensive discussions with the European Commission in the context of the merger control review of INOVYN(TM), is a key step towards the completion of the INOVYN(TM) project. A summary of this decision is published in all EU languages in the Official Journal of the European Union. "Thanks to the fast and efficient integration of its teams and assets, INOVYN is now a sound and sustainable chlorovinyls player. "This is now truly a world scale business, well placed to respond rapidly to customer needs in a challenging, competitive market.". INEOS and Solvay formed INOVYN as a 50/50 Joint Venture in July 2015, with Solvay's exit originally planned for July 2018. The group is headquartered in Brussels, employs about 29,000 people in 55 countries and generated 12.4 billion euros in net sales in 2012. Also effective July 1st, Solvay is buying BASF’s 25% stake in its PVC Joint Venture SolVin*. Related Companies Ineos and Solvay on July 1, 2015 announced the start-up of their joint venture Inovyn, a manufacturer of chlorovinyls, following European Commission approval. Financial details are not disclosed. Solvay and INEOS formed INOVYN in July 2015, with Solvay's exit originally planned in July 2018. Solvay serves diversified markets, generating 90% of its turnover in activities where it is one of the top three worldwide. "INEOS is very comfortable with the proposed early acquisition of the full shareholding of the INOVYN joint venture. Brussels, July 1st, 2015--- Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European Commission approval. Inovyn, a joint venture of Ineos and Solvay, has announced it is planning a major investment in a large scale potassium hydroxide (KOH) production facility at its Antwerp/Lillo site, Belgium. Until completion, Solvay and Ineos will … INEOS is a Registered Trademark, the property of INEOS Capital Limited. Solvay and INEOS have started their chlorovinyls joint-venture (JV), called Inovyn, following the approval from the European Commission (EC). In May 2013 INEOS and Solvay announced the strategic intent to combine their respective European chlorvinyls activities in a proposed 50-50 Joint Venture. Ineos and Solvay on July 1, 2015 announced the start-up of their joint venture Inovyn, a manufacturer of chlorovinyls, following European Commission approval. Bruxelles, le 1er juillet 2015 --- Solvay et INEOS annoncent le démarrage de leur co-entreprise INOVYN, un acteur compétitif de taille mondiale dans les chlorovinyls, constituée après le feu vert de la Commission européenne. The companies have signed a letter of intent to combine their European chlorvinyls activities, to create a leading PVC production company. INOVYN is a 50/ 50 Joint Venture that combines the respective chlorvinyls activities of INEOS and Solvay. It comprises 15 businesses each with a major chemical company heritage. In three years' time, Solvay will exit INOVYN and receive an additional, performance-based payment targeted to be €280m, with a minimum of €95m. 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. Its production network spans 194 sites in 29 countries throughout the world. “Thanks to the fast and efficient integration of its teams and assets, INOVYN is now a sound and sustainable chlorovinyls player. Brussels, July 1st, 2015--- Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European Commission approval. INOVYN Manufacturing Belgium SA Rue Solvay 39 5190 Jemeppe-sur-Sambre Belgium Phone: +32 71 26 81 11 INOVYN Belgium NV D631 Scheldelaan 600 2040 Antwerpen/ Zandvliet Belgium INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. Upon exit, Solvay would receive a final exit price payment of €335 million. “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. Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life. Date: 08/05/2014 . ... | … London SW1X 0LZ. Solvay and INEOS formed INOVYN in July 2015, with Solvay`s exit originally planned in July 2018. The Group is firmly committed to sustainable development and focused on innovation and operational excellence. In addition, Solvay and INOVYN have agreed to continue supplying basic chemicals to the BASF site in Antwerp. It comprises 36 businesses each with a major chemical company heritage. Led by INOVYN, INEOS has today launched a new Clean Hydrogen Business to accelerate Europe's drive to … As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Ineos's heritage is in a number of well-known blue chip chemical companies. 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. Need to know more? REGULATION (EC) 139/2004 . “Thanks to the fast and efficient integration of its teams and assets, Inovyn is now a sound and sustainable chlorovinyls player. UK. 1. "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. The word for chemicals. 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 received final approval today from the European Commission to form their 50/50 Chlorvinyls Joint Venture, to be known as INOVYN. Financial details are not disclosed. The finalized terms of the Joint Venture agreement remain materially unchanged from those announced in June last year. “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. Knightsbridge. Brussels , July 1 st , 2015 --- Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European Commission approval. Governance of the Joint Venture is equally split between the partners. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. After forming Ineos in July last year, Solvay was originally planning to … Brussels, July 1st, 2015 --- Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European... | November 29, 2020 Meanwhile, Solvay is buying BASF's 25 per cent stake in its PVC joint venture SolVin. Brussels, March 16, 2016 --- 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. Brussels, March 31, 2016 --- Solvay and INEOS have signed the binding agreement to end their chlorovinyls INOVYN joint venture, following their intentions announced on March 16. Solvay contributed its vinyl activities, formerly part of SolVin, to INOVYN. Headquarters: 38 Hans Crescent. In addition to contributing their entire European chlorovinyl business Solvay has transferred liabilities estimated at €260 million into the Joint Venture. In May 2013 INEOS and Solvay announced the strategic intent to combine their respective European chlorvinyls activities in a proposed 50-50 Joint Venture. Upon exit, Solvay would receive a final exit price payment of €335 million. Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European Commission approval. August 2015 International Chemical Investors Group (ICIG) today announced the completion of its acquisition of certain chlorvinyls assets being divested by INOVYN, the PVC joint venture between INEOS and Solvay. Brussels/Belgium – Solvay and Ineos formed Inovyn in July 2015, with Solvay's exit originally planned in July 2018. Most recently Ineos announced a joint venture with Solvay bringing together their European polyvinyl chloride businesses. "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. "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. Brussels, March 16, 2016 --- 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. Upon exit, Solvay would receive a final exit price payment of €335 million. *SolVin: JV between Solvay (75%) and BASF (25%).
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