Solvay and Ineos have signed a definitive agreement to combine their European chlorovinyls businesses into a new company, but the joint venture will be smaller than when it was first proposed more than a year ago. To be called Inovyn, the venture will have annual sales of about $4.0 billion. A year ago sales were expected to be $5.6 billion, but regulators have forced the companies to divest several plants to preserve competition. The original deal gave Ineos the right to buy out Solvay in four to six years. Now, Solvay will definitely exit after three years.