Ineos, Solvay offer sell-off to gain JV approval

PRW

Published: March 4, 2014 9:55 am ET
Updated: March 4, 2014 9:58 am ET

Related to this story

Topics Mergers & Acquisitions, Materials Suppliers, Europe
Companies & Associations Solvay SA

Chemical giants Solvay SA and Ineos Group AG have offered to sell off a number of plants across Europe as the price for European Commission (EC) approval of their proposed chorvinyls joint venture.

Last November the EC launched an in-depth probe into the proposed 50-50 deal, which Solvay and Ineos had set about creating in May 2013, and which they said would create the world's third largest chorvinyls business.

In what the two companies described as a "remedy package" they have committed to selling off PVC plants at Schkopau in Germany, Beek in the Netherlands and Mazingarbe in France.

Also to be sold off are the chlor-alkali, EDC and VCM assets at Tessenderlo, Belgium.

In a statement the pair said these facilities were all currently operated by Ineos and "strategically important within the European chemicals sector".

The companies said they had "the ability to compete as successful stand-alone businesses under third party ownership."

Ineos of Rolle, Switzerland, and Brussels-based Solvay said the EC would consider its proposals "alongside any further market testing it wishes to undertake ahead of making a final decision.

"Assuming such asset disposals are required to obtain Commission clearance this would be subject to full consultation with employee representatives."

Both firms said they would continue to run their businesses separately until completion of the deal, which they noted was dependent on the revised approvals and procedures.

When it announced its in-depth investigation last November the EC said that it would report on its findings no later than March 21.


Comments

Ineos, Solvay offer sell-off to gain JV approval

PRW

Published: March 4, 2014 9:55 am ET
Updated: March 4, 2014 9:58 am ET

Post Your Comments


Back to story


More stories

McCann expanding in Ohio

December 17, 2014 11:59 am ET

Compounding firm McCann Plastics will spend $1.2 million on an expansion project that will create 15 new jobs at its plant in Green, Ohio.    More

Image

Investments allow UK's Jayplas to keep recycling supply chain at home

December 17, 2014 9:32 am ET

Corby, England-based plastics recycler Jayplas has announced the completion of a new extrusion and printing plant, together with a new packaging...    More

Image

Ecolean expanding flexible packaging production in China

December 16, 2014 3:07 pm ET

Flexible packaging maker Ecolean AB is opening a new factory and warehouse in China to increase production.    More

Image

Mexican and Spanish plastics leaders seek business ties

December 15, 2014 6:00 am ET

MEXICO CITY — Spanish and Mexican plastics industrialists met in Mexico’s capital last week, aiming to increase business and...    More

Image

Israeli compounder building $13.1 million facility in North Carolina

December 12, 2014 1:14 pm ET

Tosaf USA, a subsidiary of Kfar Yona, Israel-based Tosaf Compounds Ltd., will build a compounding and masterbatch production facility in North Carolin...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events