MOSCOW (MRC) -- Solvay has completed the divestment of its shareholding in Inovyn (London), bringing to an end Solvay's chlorvinyls joint venture with Ineos, Solvay announced on its site.
Solvay received exit cash proceeds amounting to EUR335 million (USD370.7 million). The dissolution of the jv follows regulatory clearances from the relevant authorities.
The partners sold assets with combined sales of more than EUR850 million per year to International Chemical Investors Group (ICIG; Frankfurt) in August last year, to secure European Commission approval for Inovyn. After the sale and for the 12 months ended 31 December 2015, Inovyn had post-pemedy revenue of about EUR3.1 billion, and a post-remedy adjusted EBITDA before exceptionals of EUR429 million, on an un-audited basis, according to Moody's.
Inovyn was formed on 1 July 2015 as a jv between Ineos and SolVin, a subsidiary of Solvay. Solvay and Ineos signaled their decision to end their chlorvinyls jv in March this year.
Solvay, with a market share 27%, is the second largest PVC manufacturer in Europe, after Kerling with 29% of the market. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of EUR12.4 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players.