Solvay–Ineos Joint–Venture EU Commission Gives Green Light for Solvay–Ineos Joint–Venture
A new chlorvinyls giant is underway: The European Commission has given Solvay and Ineos the permission to form the 50/50 chlorvinyls Joint Venture company Inovyn.
Brussels/Belgium – 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.
"We are delighted to have achieved this very important milestone and to be able to move forward with Inovyn. The Joint Venture will bring together the strengths of the respective chlorvinyls activities of both companies to create a world scale business that will be better able to serve its customers and rapidly respond to changing European markets," comments Chris Tane, CEO Ineos Chlor Vinyls and future CEO of Inovyn.
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.
Company governance will be shared between Ineos and Solvay, with equal representation on the Supervisory Board. 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).