Slaughter and May advised INEOS' joint venture, INOVYN - sale of assets to ICIG and establishment of joint venture with ICIG for membrane chlorine plant
Slaughter and May advised INOVYN ChlorVinyls Limited (INOVYN) on its disposal of certain assets to International Chemical Investors Group (ICIG) and the establishment of a 50:50 joint venture with ICIG for a UK-based membrane chlorine plant.
INOVYN is a 50:50 joint venture between INEOS and Solvay, established on 1 July 2015, that combines their respective chlorvinyls activities. The assets disposed to ICIG under the transaction, which completed on 1 August 2015, consist of:
- the chlorine plants and EDC/VCM plants at Tessenderlo, Belgium (excluding the chlorotoluenes business that has remained with INEOS)
- the PVC plant at Mazingarbe, France
- the PVC plant at Beek, the Netherlands
- the PVC and VCM plants at Wilhelmshaven, Germany
- the EDC plants at Runcorn, UK
The disposal also included a portion of the potassium hydroxide business at the Tessenderlo plants, with ICIG supplying INOVYN under a toll manufacturing arrangement for the proportion of the potassium hydroxide business that INOVYN has retained.
INOVYN, headquartered in London, operates across 18 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden, and the UK, and employs 4,300 staff.
Slaughter and May worked alongside Hengeler Mueller (advising as to German law), Bredin Prat (French law), NautaDutilh N.V. (Dutch and Belgian law) and Cravath, Swaine & Moore LLP (New York law).