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INOVYN welcomes new CEO

January 17/2020

MOSCOW (MRC) -- Following the appointment of Chris Tane as Chairman of INOVYN, the company is pleased to welcome Geir Tuft as the new INOVYN CEO, as per the company's press release.

Geir returns to INOVYN from INEOS Oil & Gas, where he was CEO, and brings with him extensive experience of petrochemicals and the chlorvinyls value chain.

Comments Geir: "Since its formation in 2015, INOVYN has delivered consistent year-on-year growth. I very much look forward to working with colleagues to build on this performance as we carry INOVYN forward into the next decade."

Alongside his role as Chairman of INOVYN, Chris Tane retains his existing roles as Chairman of INEOS Automotive and Director of Belstaff.

There are no other changes to the INOVYN Executive Team.

As MRC wrote before, in July 2016, Solvay completed the divestment of its shareholding in INOVYN (London), bringing to an end Solvay's chlorvinyls joint venture with Ineos. 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 2016.

Besides, we remind that INOVYN conducted maintenance works at its polyvinyl chloride (PVC) plant at its Jemeppe Site, Belgium in October 2019. According to the companys website, the Jemeppe site is one of the largest PVC production capacities in Europe with 420,000 tons/year of material supplied to key sectors including building, automotive and piping.

According to MRC's ScanPlast report, Russia's estimated consumption of unmixed PVC was 857,450  tonnes in January-November 2019, up 4% year on year. Emulsion and suspension PVC (EPVC and SPVC) markets showed an increase in supplies. November consumption of SPVC (excluding exports to Belarus) decreased to 70,620 tonnes from 71,720 tonnes in October. Some producers reduced PVC production in November, which affected export sales. Overall shipments of suspension to the Russian market totalled  736,570 tonnes in the first eleven months of 2019, up by 3% year on year. Local producers managed to increase suspension output by 3%, whereas exports grew by 24%.

Headquartered in London, INOVYN has pro-forma sales of more than EUR3 billion, with 4,300 employees and assets across 14 sites in Belgium, France, Germany, Italy, Norway, Spain, Sweden and the UK.  Governance of the Joint Venture is equally split between the partners.
Author:Margaret Volkova
Tags:Europe, PVC, SPVC, INOVYN, Solvay, Belgium, UK, Russia.
Category:General News
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