International Chemical Investors Group (ICIG) today announced the completion of its acquisition of certain chlorvinyls assets being divested by INOVYN, the PVC joint venture between INEOS and Solvay.
The newly acquired businesses form a new “Chlorvinyls” platform within ICIG named VYNOVA Group with total sales in excess of Euro 850 million, complementing ICIG’s Fine Chemicals and Custom Manufacturing platform WeylChem Group (Euro 670 million in sales), the Pharmaceuticals platform CordenPharma Group (Euro 330 million in sales) and ICIG Enterprises businesses (CarboTech, ENKA and Rütgers Organics; Euro 110 million in sales).
With the addition of VYNOVA, ICIG becomes a leading European player both in the suspension polyvinyl chloride (S-PVC) and the potassium hydroxide (KOH) business, resulting in ICIG aggregated sales in excess of Euro 2 billion and approximately 6,000 employees in Europe and the US.
The acquired assets consist of:
- the chlorine plants, the EDC/ VCM plants and the KOH plant at Tessenderlo, Belgium,
- the PVC plant at Mazingarbe, France,
- the PVC plant at Beek, the Netherlands,
- the PVC and VCM plants at Wilhelmshaven, Germany, and
- the EDC plant at Runcorn, UK.
In addition, the membrane chlorine plant at Runcorn has been placed in a 50/ 50 Joint Venture between INOVYN and VYNOVA. The acquisition also includes a portion of the KOH business at Tessenderlo, with VYNOVA supplying INOVYN under a toll manufacturing arrangement for the proportion of the KOH business that INOVYN will retain.
VYNOVA International has been set up as the sales and marketing organization of VYNOVA Group. VYNOVA International will liaise with ICIG’s company PPC to align the marketing and sales strategy for KOH from its newly converted membrane plant in Thann (France), scheduled for start-up during second half of 2015.
VYNOVA Group will be managed by an executive team consisting of Stefan Sommer (President), Luc Leunis, Dr. Peter Prinz and Johan van Den Broeck (Executive Vice Presidents) as well as Hans Mattheeuws and Gerold Jelschen (Senior Vice Presidents).
Stefan Sommer started his career in the chemical industry as product manager of specialty chemicals at Hoechst AG. He previously held senior executive positions as Associate Partner (Arthur D. Little), President of Ticona (Celanese), President of DSM China and CEO of ASK Chemicals.
Luc Leunis started his career with Monsanto Company where he held positions in operations management and engineering. He joined Tessenderlo Group as Director of Operations for the Business Group Chemicals and later became Managing Director of INEOS ChlorVinyls Belgium.
Dr. Peter Prinz started his career in the petrochemical industry at EC Erdölchemie in Dormagen, which later became BP/INEOS, where he held several management positions in operations. Most recently, he was Managing Director for INEOS ChlorVinyls in Germany.
Johan Van Den Broeck worked with Agfa, Dow Chemical and Deloitte where he held leadership positions in IT, supply chain and purchasing. At Tessenderlo Group he was Director Supply Chain and Purchasing and then Head of Business of the INEOS ChlorVinyls LVM group.
Hans Mattheeuws held several leading positions in Finance in major companies such as Campina and Tessenderlo Group. He joined LVM Group upon acquisition by INEOS where he is now acting as CFO and CIO
Gerold Jelschen held various senior management positions at ICI and EVC with a focus on finance and other commercial functions before he became CFO of INEOS ChlorVinyls in Germany.
About International Chemical Investors Group
International Chemical Investors Group (ICIG) is a privately owned industrial holding company focusing on chemicals and pharmaceutical businesses. Since inception in 2004, ICIG has acquired more than 24 businesses, all of which have origins in major global chemical or pharmaceutical corporations, and are independently managed. Including VYNOVA Group, ICIG companies will employ approximately 6,000 employees operating 28 manufacturing facilities in Europe and the United States with total sales in excess of Euro 2 billion. For more information about International Chemical Investors Group: www.ic-investors.com.
International Chemical Investors Group
Phone: +49 69 506 999 0