Final phase of EU clearance process - Commission puts Solvay and INEOS remedy package up for market testing
Brussels, March 11th, 2014 --- Following further discussion, the Commission has decided to market test an alternative remedy package consisting of the LVM heritage assets (Beek in The Netherlands, Mazingarbe in France and Tessenderlo in Belgium) as well as the PVC and VCM plants at Wilhelmshaven (Germany) and potentially the EDC and chlorine membrane plants at Runcorn (UK) which are operated by INEOS. This remedy package will be tested in lieu of the remedy package initially submitted on February 27th.
Discussions with the Commission will continue during the market testing phase, ahead of any final decision on clearance being made, which is now expected by May 16th. The parties are confident that the proposed Joint Venture will ultimately secure clearance.
INEOS and Solvay will continue to run their businesses separately until completion of the transaction, which is dependent on the above approvals and procedures.
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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 aerospace 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 (SOLB.BE) is listed 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.