Final phase of EU clearance process - Commission puts Solvay and INEOS remedy package up for market testing
Following further discussion, the European 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.
ENDS
Contacts at INEOS:
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Richard Longden + 41 216 277 063 |
Craig Welsh + 44 19 28 511 528 |
Louise Calviou + 44 1928 516 644 |
Contacts at Solvay:
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Lamia Narcisse + 33 1 53 56 59 62 |
Caroline Jacobs + 32 2 264 1530 |
Maria Alcon-Hidalgo + 32 2 264 1984 |
Edward Mackay + 32 2 264 36 87 |
Note to editors:
As an international chemical group, SOLVAY industries in finding and implementing ever more responsible and value-creating solutions. The Group is firmly committed to sustainable development and focused on innovation and operational excellence. Solvay serves diversified markets, generating 90% of its turnover in activities where it is one of the top three worldwide. The Group is headquartered in Brussels, employs about 29,000 people in 55 countries and generated 12.4 billion euros in net sales in 2012. Solvay SA SOLB.BE) is listed on Nyse Euronext in Brussels and Paris (Bloomberg: SOLB.BB Reuters: SOLBt.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.