INEOS Enterprises to Acquire Full Shareholding in IACC
INEOS Enterprises has today announced that it has reached an agreement to acquire the full shareholding in IACC (INEOS Asiatic Chemical Company Limited) in Bangpoo, Thailand.
Under the deal, INEOS Enterprises will acquire the 40% shareholding of The East Asiatic (Thailand) Public Company Limited (EACT), meaning that the IACC operation will become wholly INEOS owned. EACT has been the local partner in IACC since the Company was established in 1988. The deal is expected to be completed by the end of March 2008. An application for approval of this transaction has been made to the relevant authorities and no hurdles are anticipated.
IACC is a manufacturer of CERECLORTM chlorinated paraffins and other blended products. INEOS intends to grow the business substantially and has already started on a project to de-bottleneck the chlorinated paraffin plant, with a goal to substantially increase its production capability. IACC’s turnover in 2007 was €9 million.
Harry Deans, Chief Executive Officer of INEOS Enterprises said: “This is excellent news for INEOS Enterprises, and forms a vital part of our strategy to grow the IACC business, contributing to the continued development of this important business unit and the overall success of the INEOS Enterprises portfolio.” Mr. Jan Dam Pedersen, Managing Director of EACT and current Chairman of IACC, stated that as it is EACT’s plan to focus on its Industrial Ingredients distribution business in future, this divestment fits well into EACT’s overall strategy.
For further information please contact:
Janet Ward, INEOS Enterprises Press Office
Phone: 01928 515227
Notes to editors:
- INEOS Enterprises consists of a group of eight businesses, each a leader in its area of activity. The Company is focussed on the developing needs of customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. The INEOS Enterprises spirit is entrepreneurial and the Company is always seeking to invest in new market opportunities.
- IACC was established in 1988 to produce and market the CERECLORTM chlorinated paraffin range of products. The Company is a joint venture between INEOS Enterprises and The East Asiatic (Thailand) Public Company Limited. IACC is also a major supplier of hydraulic brake fluids and automotive coolants to the Thailand and Southeast Asia markets, and undertakes contract-manufacturing services for a number of key customers including retail sectors.
- EACT is a part of the EAC Industrial Ingredients Group (headquartered in Copenhagen), which is the leading solutions provider of industrial ingredients in South Asia and South East Asia.