12 July 2013 21:53 [Source: ICIS news]
NEW YORK (ICIS)--Belgium-based Solvay plans to close its vinyls joint venture with Switzerland-headquartered INEOS by the end of the year, Solvay's chief executive said on Friday.
"We are working with EU antitrust authorities and expect to close the JV by the end if the year," said Jean-Pierre Clamadieu, CEO of Solvay.
He spoke to ICIS on the sidelines of the Solar Impulse event at JFK Airport in New York.
"Our objective is to compete in PVC (polyvinyl chloride) in the European market with US product," said Clamadieu.
Solvay and INEOS plan to achieve cost savings in their JV by integrating management and commercial personnel, producing a smaller number of grades and consolidating procurement of energy and ethylene feedstock, Clamadieu said.
INEOS will have an option of buying out Solvay's stake in the JV in 4-6 years, he added.
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