Solvay, Ineos divesting some operations as part of Inovyn joint venture
Europe-based material suppliers Solvay SA and Ineos Group have reached an agreement with International Chemical Investors Group (ICIG) to sell off some of their assets as part of the move to create the Inovyn joint venture for their European chlorvinyls activities.
ICIG is a privately held industrial company, headquartered in Luxembourg and Germany, that specialises in chemicals and pharmaceuticals, with 23 manufacturing sites across Europe and the U.S.
Ineos and Solvay announced the signing of the Inovyn joint venture agreement, which covers their European chlorvinyls activities, in June 2014.
According to the companies, the assets being divested consist of the chlorine plants and EDC/VCM plants at Tessenderlo, Belgium (excluding the chlorotoluenes business that will remain with Ineos); the PVC plant at Mazingarbe, France; the PVC plant at Beek, the Netherlands; the PVC and VCM plants at Wilhelmshaven, Germany; and the EDC plants at Runcorn, UK.
The divestment will also include a portion of the potassium hydroxide business at Tessenderlo, with ICIG supplying Inovyn under a toll manufacturing arrangement for the proportion of the potassium hydroxide business that Inovyn will retain.
The formation of Inovyn is anticipated to take place in the second quarter of 2015.