Further to the agreement announced on 9 March 2015, and the subsequent formation of the INOVYN Joint Venture on 1 July 2015, INOVYN has now completed the required divestment of certain assets to International Chemical Investors Group (ICIG).
The assets that have been divested ("the remedy business") consist of:
- the chlorine plants and EDC/VCM plants at Tessenderlo, Belgium (excluding the chlorotoluenes business that has remained 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.
In addition, the membrane chlorine plant at Runcorn has been placed in a 50-50 Joint Venture between INOVYN and ICIG. The divestment has also included a portion of the potassium hydroxide (KOH) business at Tessenderlo, with ICIG supplying INOVYN under a toll manufacturing arrangement for the proportion of the KOH business that INOVYN has retained.
INOVYN is a 50-50 Joint Venture that combines the respective chlorvinyls activities of INEOS and Solvay.
The combination, formed on 1 July 2015, has created a PVC producer that ranks among the top three worldwide. With an annual turnover in excess of €3.5 billion, INOVYN has more than 4,300 employees and manufacturing, sales and marketing operations in ten countries across Europe.
INOVYN’s portfolio consists of an extensive range of class leading products arranged across Organic Chlorine Derivatives, Chlor Alkali, General Purpose Vinyls and Specialty Vinyls. Annual production volumes are in excess of 40 million tonnes.