A JOINT venture between INEOS and Solvay is to end later this year – two years ahead of schedule.
The two companies have achieved so much since they formed INOVYN in July 2015 that Solvay has agreed to leave INEOS in control of the 3.5 billion Euro business.
“Thanks to the fast and efficient integration of its teams and assets, INOVYN is now a sound and sustainable chlorvinyls player,” said Jean-Pierre Clamadieu, CEO of Solvay.
Belgian company Solvay had always intended to leave INEOS as sole owner of the business but that had originally been planned for July 2018.
INEOS chairman Jim Ratcliffe said INEOS was comfortable with the early exit.
“Chlorvinyls businesses are core to large petrochemicals companies such as ours,” he said. “And through this planned acquisition INOVYN will have an owner with a long-term vision that provides stability for its business and employees.”
The two companies’ decision to merge their chlorvinyls businesses in 2015 created a winning combination. It turned newly-named INOVYN into one of the top three PVC producers in the world and meant the business was well placed to respond rapidly to changing European markets.
INOVYN, which is headquartered in London, employs 4,300 people at 18 manufacturing sites in eight countries. Every year it manufactures 40 million tonnes of chemicals which find use in almost every aspect of modern life, keeping people housed, healthy and connected.