INOVYN completes divestment of remedy business to ICIG
Further to the agreement announced on 9 March 2015, and the subsequent formation of the INOVYN Joint Venture on 1 July 2015, INOVYN has now completed the required divestment of certain assets to International Chemical Investors Group (ICIG).
The assets that have been divested ("the remedy business") consist of:
- the chlorine plants and EDC/VCM plants at Tessenderlo, Belgium (excluding the chlorotoluenes business that has remained with INEOS);
- the PVC plant at Mazingarbe, France;
- the PVC plant at Beek, the Netherlands;
- the PVC and VCM plants at Wilhelmshaven, Germany; and
- the EDC plants at Runcorn, UK.
In addition, the membrane chlorine plant at Runcorn has been placed in a 50-50 Joint Venture between INOVYN and ICIG. The divestment has also included a portion of the potassium hydroxide (KOH) business at Tessenderlo, with ICIG supplying INOVYN under a toll manufacturing arrangement for the proportion of the KOH business that INOVYN has retained.
ENDS