European Commission clears proposed Solvay/INEOS joint venture
Brussels, May 8th, 2014--- Solvay and INEOS have today obtained European Commission clearance for their proposed 50/50 chlorvinyls Joint Venture.
Commission clearance is subject to implementation of an agreed remedy package comprising divestment of the following INEOS owned assets:
• the membrane chlorine plant and EDC/ VCM plants at Tessenderlo, Belgium
• the PVC plant at Mazingarbe, France
• the PVC plant at Beek, the Netherlands
• the PVC and VCM plants at Wilhelmshaven, Germany
• the EDC plants at Runcorn, UK.
In addition, the Commission requires the membrane chlorine plant at Runcorn to be placed in a Joint Venture between the INEOS/ Solvay Joint Venture and the new owner of the aforementioned plants.
The required remedy package must be implemented before the Joint Venture can be formed.
INEOS and Solvay will continue to run their businesses separately until completion of the transaction, which is expected in Q4 2014.
As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. Solvay generates 90% of its net sales in activities where it is among the world's top three players. It serves many markets, varying from energy and the environment to automotive and aeronautics or electricity and electronics, with one goal: to raise the performance of its clients and improve society's quality of life. The group is headquartered in Brussels, employs about 29,400 people in 56 countries and generated 9.9 billion euros in net sales in 2013. Solvay SA is listed as SOLB.BE on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).
INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. Its production network spans 51 manufacturing facilities in 11 countries throughout the world. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. 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.