17 September 2013 10:39 [Source: ICIS news]
LONDON (ICIS)--INEOS and Solvay have submitted their PVC (polyvinyl chloride) joint venture for competition clearance by the European Commission, the companies said on Tuesday.
The companies signed a letter of intent in May to combine their chlor-vinyls businesses in a 50:50 joint venture.
The merged business would have combined net sales of €4.3bn ($5.7bn) and recurring earnings before interest, taxes, depreciation and amortisation (REBITDA) of €257m, and more than 5,600 employees, based on figures in 2012. It would be active in the vinyls chain from chlor-alkali to PVC.
Solvay would put its Solvin vinyls joint venture into the new venture, as well as its chlor-chemicals business. INEOS’s Kerling would put its chlor-vinyls operations into the new venture.
RusVinyl, Solvay’s chlor-vinyls joint venture with Sibur, is not included in the deal.
“In addition to competition clearance from the European Commission and other relevant authorities, the proposed transaction is subject to the applicable information/ consultation procedures with employee representatives in the countries involved. These processes are currently under way,” INEOS and Solvay said.
Closing is expected by the 2013 year end, a Solvay spokesperson said.
($1 = €0.75)
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