The joint venture is anticipated to work by year end following the divestments needed by the European Commission. Until completion, Solvay and INEOS will continue to run their businesses individually.
“Thanks to the agreement we now possess a unique chance to make a world- class competitive player with high quality assets and significant synergies, better able enough to withstand the ambitious environment in Europe,” said Jean-Pierre Clamadieu, CEO of Solvay. “This is another essential step in the transformation of Solvay’s business profile.”
The terms of the joint venture agreement adapted and have now been simplified to the treatments in addition to challenging market conditions.
It’ll exit INOVYN™ after 36 months, when additional cash earnings targeted at € 250 million will be received by Solvay. These final cash net income at way out will probably be fixed on the basis of the joint venture’s average REBITDA operation during its three-year span, of € 75 million, with a minimum departure payment.
Will contribute to INOVYN™ its vinyl tasks, which are its Chlor Chemicals company, in seven totally integrated production sites in Europe, in addition to part of SolVin.