INEOS completes acquisition of INOVYN Joint Venture
INEOS has today completed its acquisition of the full shareholding in INOVYN, which brings to an end Solvay’s part interest in the Company.
INEOS and Solvay formed INOVYN as a 50/50 Joint Venture in July 2015, with Solvay's exit originally planned for July 2018. Solvay’s early exit was announced in March 2016 and was completed today following receipt of customary regulatory approvals.
Solvay received a final exit payment of €335 million.
Comments Jim Ratcliffe, Chairman of INEOS: "We are delighted to have completed the full acquisition of INOVYN, one year since its formation and two years earlier than expected.
“Chlorvinyls businesses are core to large petrochemicals companies such as INEOS and through this acquisition INOVYN has an owner with a long term vision that provides stability for its business and employees.”
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Formed on 1 July 2015, INOVYN is a vinyls producer that ranks among the top three worldwide. With an annual turnover in excess of €3.5 billion, INOVYN has more than 4,300 employees and manufacturing, sales and marketing operations in ten countries across Europe.
INOVYN’s portfolio consists of an extensive range of class leading products arranged across General Purpose Vinyls, Specialty Vinyls, Organic Chlorine Derivatives and Chlor Alkali. Annual production volumes are in excess of 40 million tonnes.