Solvay to have early exit from Ineos jv Inovyn

Chemical firms Ineos and Solvay say that they intend to end their 50/50 chlorvinyls Inovyn jv earlier than originally planned, with Ineos to become the sole shareholder. Ineos and Solvay formed Inovyn in July 2015, with Solvay's exit was originally planned for July 2018.

The companies now say Solvay will exit the jv in the second half of 2016, upon closing of the transaction and subject to finalising definitive legal agreements and customary regulatory approvals.

Upon its exit, Solvay would receive a final exit price payment of EUR335 million.

“Thanks to the fast and efficient integration of its teams and assets, Inovyn is now a sound and sustainable chlorvinyls player. This allows us to bring forward Solvay’s exit and to further focus on its portfolio transformation, while achieving a first step in de-leveraging the balance sheet,” said Jean-Pierre Clamadieu, CEO of Solvay.

“Ineos is very comfortable with the proposed early acquisition of the full shareholding of the Inovyn Joint Venture. Chlorvinyls businesses are core to large petrochemicals companies such as ours and through this planned acquisition Inovyn will have an owner with a long term vision that provides stability for its business and employees,” comments Jim Ratcliffe, Chairman of Ineos.