Solvay and INEOS submit revised remedy package to European commission clearance process
Further to the earlier decision of the European Commission to continue its evaluation of the proposed 50/50 Joint Venture between Solvay and INEOS in a Phase II investigation, the parties have jointly agreed to put forward a revised remedy package to address any competition concerns that have been raised by the Commission.
The proposed remedy package, which was submitted to the Commission yesterday, comprises the divestment of the PVC plants at Schkopau (Germany), Beek (The Netherlands) and Mazingarbe (France) along with the chlor-alkali, EDC and VCM assets at Tessenderlo (Belgium). These facilities are all currently operated by INEOS and are strategically important within the European chemicals sector. They have the ability to compete as successful stand-alone businesses under third party ownership.
The European Commission will now consider this remedy proposal alongside any further market testing it wishes to undertake ahead of making a final decision. Assuming such asset disposals are required to obtain Commission clearance this would be subject to full consultation with employees and their representatives.
Solvay and INEOS 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.