Solvay SA and Ineos Group AG have given a name to their chlorovinyls joint venture, Inovyn, as the two firms prepare the launch the company by the end of 2014.
The new company will officially open following divestments by both companies 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, CEO of Solvay. “This is another key step in the transformation of Solvay's business profile.”
Inovyn will be based in London and have an estimated 3 billion euros ($4 billion) in annual sales.