INEOS acquires aromatics and acetyls businesses from BP for a consideration of 5 billion USD. The acquisition consists of fifteen sites across the world (five in the Americas, two in Europe and eight in Asia) as well as ten leading joint ventures. The company has also acquired a range of world class assets and an experienced team of people.
Acquisition Expands Business Geographic Range
INEOS is one of the world’s leading petrochemical companies and this acquisition will extend both the portfolio and the geographic reach of the business. The businesses will be known as INEOS Acetyls and INEOS Aromatics.
INEOS Aromatics is a global leader in purified terephthalic acid (PTA) and Paraxylene (PX) technology with six sites and supplies the global polyester business which includes polyester fibre, film and PET packaging.
INEOS acetyls produce acetic acid and a range of derivatives from its nine sites, supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.
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I am very pleased that we have been able to complete the acquisition, which is a logical development of our existing petrochemicals business extending our interest in acetyls and adding a world leading aromatics business supporting the global polyester industry,” said Sir Jim Ratcliffe, founder and chairman of INEOS.
Source: INEOS