Solvay: To Sell Stake in Inergy Automotive Systems
Solvay announces that Plastic Omnium has expressed its intention to take full ownership of Inergy Automotive Systems. Both companies have signed a non-binding memorandum of understanding in this regard. Inergy Automotive Systems, an equal share joint venture of Solvay and Plastic Omnium, is the world’s number one supplier of integrated fuel tank systems. The joint venture employs approximately 4,000 people worldwide and operates 24 manufacturing facilities in 18 countries. Its sales amounted to about EUR 900 million in 2009.
Both companies are expecting to reach an agreement in the coming months, which will be subject to the usual antitrust authorizations and following employee consultations.
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