Recent press coverage has increased speculation and market rumour about the future of INEOS Vinyls Italia SpA (IVI).
In light of recent press coverage INEOS Group Limited confirms that IVI was set up and operated as a stand-alone Italian business. It is not, and never has been, a subsidiary of INEOS Group Limited (IGL). Accordingly, announcements relating to IVI are not relevant INEOS Group businesses. The main INEOS Group is solvent and trading profitably.
Likewise, matters relating to IVI have no impact on INEOS Group businesses based in Italy. INEOS Films and INEOS Olefins & Polymers in Italy continue to trade profitably. As part of INEOS Group, these businesses are not affected by this action.
ENDS.
For further information contact:
Richard Longden – INEOS - Tel: +44 (0) 7710 371998
For background:
IVI SpA has sites in Italy, at: Porto Marghera, Ravenna and Porto Torres. The business manufactures Vinyl Chloride Monomer (VCM) and Polyvinyl Chloride (PVC). In 2008 the business had Turnover of €256m.