Solvay has signed a definitive agreement with INEOS to create a strong player in chlorovinyls, to be named INOVYN. The joint venture is expected to be effective by year-end following the divestments required by the European Commission. Until completion, Solvay and INEOS will continue to run their businesses separately.
Solvay has signed a definitive agreement with INEOS to create a strong player in chlorovinyls, to be named INOVYN. The joint venture is expected to #
"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."
Solvay has signed a definitive agreement with INEOS to create a strong player in chlorovinyls, to be named INOVYN. The joint venture is expected to #
The terms of the joint venture agreement have been simplified and adjusted to the remedies as well as challenging market conditions. Solvay will receive an upfront payment of € 175 million at closing and transfer liabilities worth € 250 million into the joint venture.
Solvay has signed a definitive agreement with INEOS to create a strong player in chlorovinyls, to be named INOVYN. The joint venture is expected to #
It will exit INOVYN after three years, when Solvay will receive additional cash proceeds targeted at € 250 million. These final cash proceeds at exit will be adjusted based on the joint venture's average REBITDA performance during its three-year period, with a minimum exit payment of € 75 million.
Solvay has signed a definitive agreement with INEOS to create a strong player in chlorovinyls, to be named INOVYN. The joint venture is expected to #
The transaction will result in an accounting impairment of around € (420) million, impacting Solvay's Group share net income in the second quarter of 2014. This impairment, which is predominantly non-cash, includes a € (142) million write-off of Rhodia goodwill that was originally allocated to this business, a deferred depreciation charge of € (60) million, taxes, as well as other costs linked to the structuring of the agreement, for a combined € (70) million.
Solvay has signed a definitive agreement with INEOS to create a strong player in chlorovinyls, to be named INOVYN. The joint venture is expected to #
To be headquartered in London, INOVYN will have proforma 2013 sales of more than € 3 billion, with 14 sites in eight European countries. Governance will be split equally between the partners.
Solvay has signed a definitive agreement with INEOS to create a strong player in chlorovinyls, to be named INOVYN. The joint venture is expected to #
Solvay Group