INEOS completes acquisition of Vinyl acetate monomer and Ethyl acetate businesses from BP
INEOS Group has now completed its acquisition of the vinyl acetate monomer (VAM) and ethyl acetate (EtAc) businesses from BP.
The deal, first announced in January 2008, brings to INEOS 500ktpa of production capacity at the Saltend manufacturing site near Hull (UK), along with the 151-kilometre Teesside to Saltend Ethylene Pipeline that supplies ethylene feedstock to the VAM and EtAc plants.
The acquisition is a further demonstration of INEOS' continuing growth across Europe and secures a successful business that is highly complementary with the existing portfolio, technologies and expertise of INEOS.
"We are pleased to have completed this latest acquisition, which not only broadens our already extensive portfolio of petrochemicals, specialty chemicals and oil products, but also enhances the existing links between the Saltend and Grangemouth manufacturing sites and helps us to meet the growing demand for these acetate products," commented INEOS Chairman Jim Ratcliffe
The new acetate businesses will now be integrated into the portfolios of INEOS Enterprises and INEOS Oxide.
ENDS
Notes to editors:
1. INEOS (www.ineos.com) is the world's third largest chemicals company; a leading manufacturer of petrochemicals, specialty chemicals and oil products. Comprising 19 businesses, with a production network spanning 76 manufacturing facilities in 20 countries, the Company produces more than 32 million tonnes of petrochemicals and 20 million tonnes per annum of crude oil refined products (fuels). INEOS employs 16,600 people and has sales approaching $45 billion.
2. INEOS Enterprises is a portfolio of eight leading businesses manufacturing chemical products in Northern Europe and Southeast Asia, with sales of these products to customers around the world. The Company is focused on the developing needs of customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. With this latest acquisition INEOS Enterprises now employs some 530 people across sites in the UK, France, Germany and Thailand and has an annual turnover in excess of €900 million.
3. INEOS Oxide produces a comprehensive range of specialty and intermediate chemicals derived from ethylene and propylene oxide. It is a proven leader with a strong track record of product quality, engineering excellence and innovation. INEOS Oxide has an annual turnover of €1.6 billion, and employs some 780 people across manufacturing sites in Belgium, Germany, France and USA. In Europe that Company has an output of 2.4 million tpa, whilst in the USA annual output stands at 160ktpa.
For further information please contact:
Richard Longden, INEOS Press Office
Phone: 07710 371 998
Email: richard.longden@ineoscapital.com
Craig Welsh, INEOS Enterprises Press Office
Phone: 01928 511528
Fax: 01928 569459
Email: craig.welsh@ineoschlor.com