Neville Prior

The Birth of Inovyn

Neville Prior  8 July 2014 10:20:36 PM
Image:The Birth of Inovyn
Solvay and Ineos have formed a chlorovinyls joint venture, Inovyn. The new company is expected to be effective by year-end following the divestments required by the European Commission. Until completion, Solvay and Ineos will continue to run their businesses separately.

"Thanks to this agreement we now have a unique opportunity to create a world- class competitive player with high-quality assets and substantial synergies, better able to withstand the challenging environment in Europe," said Jean-Pierre Clamadieu, chief executive of Solvay. "This is another key step in the transformation of Solvay's business profile."

The terms of the joint venture agreement will see Solvay receive an upfront payment of £140m (€175m) at closing and transfer liabilities worth £200m (€250m) into the joint venture. It will exit Inovyn after three years, when Solvay will receive additional cash proceeds of around £200m. These final cash proceeds at exit will be adjusted based on the joint venture's average Rebitda performance during its three-year period.
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