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2008-01-31 Manufacturing
News
INEOS acquisition of Hydro Polymers is a go INEOS Group confirms that it has received unconditional clearance from the European Commission for the purchase of Hydro Polymers.
INEOS Capital's acquisition of the Hydro Polymers businesses in Norway, Sweden and the UK from Norsk Hydro ASA was agreed upon with Norsk Hydro last year. The proposed acquisition of Norsk Hydro's polymers business, Kerling ASA, was announced on 21 May 2007. It includes the remaining 50% interest in the Noretyl ethylene cracker at Rafnes. INEOS Group having acquired the other 50% from Borealis last summer expects the acquisition to be completed in the next week. Comments Jim Ratcliffe, INEOS Chairman: "We are delighted that we are now able to proceed towards completion of the deal, which is a significant step forward for the growth and development of INEOS." On the 12th of December the Commission began an investigation into the alleged early implementation of this transaction (which would be contrary to the applicable competition laws) by visiting the parties' premises in the UK. The Commission has now confirmed that, following its assessment of the information gathered during the inspections, it has come to the conclusion that the allegations of early implementation were unjustified and it will not therefore be taking the matter any further.
Comments Chris Tane, CEO INEOS ChlorVinyls: "We were confident that we had fully complied with the relevant laws, and we are pleased that the Commission has confirmed that it has completed its investigation and will not be taking any further action." INEOS ChlorVinyls is one of the major chlor-alkali producers in Europe, a global leader in chlorine derivatives and Europe's largest polyvinyl chloride (PVC) manufacturer. The company consists of two distinct legal entities, INEOS Chlor and INEOS Vinyls. We are the largest chlorinated paraffins producer in the world and operate the world's largest trichloroethylene plant. For additional information on the acquisition and plans for product needs and service, contact Jonathan Stewart of INEOS ChlorVinyls. See all the Press Releases from INEOS sites - Click Here Read a recent article about -
. Evonik Expands Plasticizers
Capacity for PVC Production
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