Inovyn Receives Final Approval from the European Commission
On June 9, 2015 Solvay S.A., Brussels, Belgium, and Ineos Group AG, Rolle, Switzerland, received final approval from the European Commission to form their 50/50 chlorvinyls Joint Venture, to be known as Inovyn.
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. Solvay and Ineos will now make final preparations to close their agreement and to form Inovyn on 1 July 2015.
"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 Ineos and Solvay 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 ChlorVinyls and future CEO of Inovyn.
To be headquartered in London, Inovyn will have pro-forma sales of more than EUR 3 billion, with assets across 18 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK. Governance of Inovyn 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).
INEOS Olefins & Polymers Europe
Would you like to subscribe to our Newsletters on plastics technology and profit from the latest information?
Looking for a new challenge? Check out our jobs market!
Patents encourage innovation: Stay on the ball with the latest innovations in the plastics industry in our patents section.