Solvay and Ineos to divest some assets for Inovyn JV process
As per the divestment agreement, ICIG will buy INEOS’s chlorine plants and EDC/VCM plants at Tessenderlo, Belgium, a PVC plant in Mazingarbe, France, a PVC plant at Beek, the Netherlands, PVC and VCM plants at Wilhelmshaven, Germany and EDC plants at Runcorn, United Kingdom. In addition, a membrane chlorine plant at Runcorn is slated to be run as a 50/50 joint venture between ICIG and Inovyn JV.
The formation of the Inovyn JV is expected to be completed by the second quarter of 2015 after getting all necessary regulatory approvals and the completion of the consultation process with affected INEOS employees. Inovyn will be the world’s second-largest PVC producer behind Japan’s Shin-Etsu.
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