On May 7th, 2013 Solvay and Ineos signed a non-binding letter of intent for the combination of their respective European Chlorovinyls activities into a 50/50 Joint Venture.
The proposed transaction is subject to the applicable information/consultation procedures with employee representatives in the countries involved and to anti-trust approval from the relevant authorities.
On September 17th, 2013, Ineos and Solvay submitted their application for competition clearance to the European Commission. Given the advanced stage of the negotiations, Solvay management took the decision to classify those activities to be contributed to the Joint Venture as “Assets held for sale” and “Discontinued operations” as from the third quarter of 2013.
Solvay considers that this set of restated quarterly Profit and Loss financial statements data provides the most meaningful year-over-year economic performance comparison base going forward.
As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. The Group is firmly committed to sustainable development and focused on innovation and operational excellence.
Solvay serves diversified markets, generating 90% of its turnover in activities where it is one of the top three worldwide. The group is headquartered in Brussels, employs about 29,000 people in 55 countries and generated 12.4 billion euros in net sales in 2012.
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