INEOS sells off Runcorn unit ahead of JV deal

CHEMICALS manufacturing giant INEOS has sold off part of its North West manufacturing operation ahead of a planned joint venture deal with counterpart Solvay.

Around 180 employees based at two EDC (ethylene dichloride ) manufacturing plants on the same site in Runcorn are affected by the sale to International Chemical Investors Group.

This deal follows INEOS and Solvay  winning approval from the European Commission in May last year for a 50/50 chlorvinyls joint venture.

A condition of this was that some INEOS-owned assets, including its (EDC) plants in Runcorn and operations in France, Belgium, Netherlands and Germany be sold off.

ICIG is a privately held industrial company (headquartered in Luxembourg and Germany) that specialises in chemicals and pharmaceuticals, with 23 manufacturing sites across Europe and the United States.

A spokesman for INEOS said the staff affected by the sale were being consulted ahead of a planned transfer under TUPE regulations to ICIG.

As well as the Runcorn business, ICIG is also acquiring some INEOS operations in Belgium, France,  the Netherlands and Germany.

The INEOS- Solvay joint venture wiill be called INOVYM (TM) and will be have annual sales of €3bn with 14 sites in eight European countries.