19 March 2015
ABOUT International Chemical Investors Group (ICIG)
ICIG is a privately held industrial company
(headquartered in Luxembourg and Germany) that
specialises in chemicals and pharmaceuticals,
with 23 manufacturing sites across Europe and
the United States.
DETAILS
INEOS and Solvay
have reached an agreement with
International Chemical Investors Group (ICIG)
to acquire the assets being divested by INEOS.
This agreement, which follows extensive discussions
with the European Commission
in the context of the merger control review of INOVYN,
is a key step towards completion of the INOVYN project.
The assets being divested ("the remedy business") consist of:
- the chlorine plants and EDC/ VCM plants
at Tessenderlo, Belgium
(excluding the chlorotoluenes business that
will remain 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
is to be placed in a 50/ 50 Joint Venture
between INOVYN and ICIG.
- The divestment will also include
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 will retain.
ABOUT INOVYN
It is anticipated that the formation of INOVYN
will take place in the second quarter of 2015,
upon receipt of all required regulatory approvals and
completion of consultation with relevant INEOS employees
in scope of the proposed divestment
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