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INEOS ChlorVinyls raises caustic soda price
25
Sep '14
INEOS ChlorVinyls, which manufactures chemicals that are used in several industries including textiles, has announced that it would increase the price of caustic soda with effect from October 1, 2014.
 
“List prices for INEOS ChlorVinyls caustic soda are to increase by Euro 65 per dry metric tonne with effect from 1st October 2014,” the company said in a statement.
 
In June this year, INEOS and Solvay signed a definitive Joint Venture agreement covering their European chlorvinyls activities.  The Joint Venture - to be known as INOVYNTM - was given clearance by the European Commission a month earlier.
 
As per the agreement, Solvay will receive an up-front payment of €175 million at closing, and in addition to transferring their chlorvinyls assets into the Joint Venture, will also transfer €250 million of liabilities principally in respect of pensions and environmental liabilities.
 
Solvay will exit INOVYNTM after three years, leaving INEOS in sole control, when Solvay will receive additional cash proceeds targeted at €250 million (with a minimum payment of €75 million). This amount will be adjusted depending on the financial performance of INOVYNTM during the three year Joint Venture period.
 
To be headquartered in London, INOVYNTM will have proforma 2013 sales of more than €3 billion, with assets across 14 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK.
 
Until formation of the Joint Venture, which is expected during Q4 2014, INEOS and Solvay will continue to run their businesses separately. (RKS)
 

Fibre2fashion News Desk - India

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