INEOS Chlor secures funding for investment at Runcorn site
INEOS Chlor announced today that it has secured all components of a financing package for the substantial modernisation of its Runcorn manufacturing complex in Cheshire, UK.
Contributions have been confirmed from shareholders - INEOS Capital and ICI – with additional funding provided by the UK Government in the form of a Regional Selective Assistance (RSA) award. The RSA award will now move to the European Commission for final approval.
The total new funds made available to the business by INEOS Capital, ICI and the Government is £155 million. Substantial additional funding will be provided by INEOS Chlor itself through reinvestment of money generated from business trading.
The central core of the investment program will be the phased replacement of the existing mercury-based cellrooms with new state-of-the-art cellrooms using environmentally friendly membrane technology. The program will also include a new steam generating boiler plant, the installation of modern control systems and the substantial modernisation of the chlorine derivative plants.
The total cost of the modernisation program will be around £390 million. This investment will help to underpin the competitive cost base of the site and secure its long-term future.
For further information please contact:
Craig Welsh, INEOS Chlor Press Office
Telephone: 01928 511528
INEOS is the second largest chemical company and one of the top five largest privately owned companies in the UK. It operates chemical facilities throughout the world with sales of €5 billion and 10,000 employees.
INEOS Chlor is one of the major chlor-alkali producers in Europe and a global leader in chlorine derivatives. The business is also a leading manufacturer of sulphur chemicals and a key player in the field of electrochemical technology. The business operates sites in the UK, France, Germany and Thailand. Some 1,800 people are employed by the Company, of which 1,450 people are employed directly at Runcorn, Cheshire.