INEOS – MSM Poly Unable To Reach Agreement on Barex Technology
Rolle, Switzerland – As previously announced, INEOS Barex AG, INEOS Barex USA LLC and MSM Poly LLC signed a Memorandum of Understanding for the potential sale of intellectual property (IP) and production support related to the Barex product line. Despite continual dialogue during the exclusivity period, the parties were unable to finalize a transaction and INEOS has terminated discussions. This situation allows for the continuation of business closure and retirement of the Barex® resin technology.
Paul Overment, CEO of INEOS Barex said “While both INEOS and MSM Poly do agree that there continues to be a niche market for Barex® resins, the parties could not agree to terms for the Barex® IP and technology. INEOS will therefore retain the IP and continue to produce material until the end of September for our contracted customers before commencing closure and demolition activities. A small amount of Barex material was earmarked as part of the deal with MSM which could now be made available for sale.”
INEOS Barex AG, a Swiss based company is wholly owned by INEOS and is the parent of INEOS Barex USA LLC which currently manages the Barex production site. INEOS Barex AG announced closure of the Barex® business on October 28, 2014 but has continued to operate in an effort to meet guaranteed production volume for contracted customers. The production period will conclude in Q3 of 2016 followed by dismantling of the physical assets.
INEOS operates two additional businesses at the Lima, Ohio manufacturing site both of which are unaffected by this closure.
Richard Longden (INEOS) 00 41 21 627 7063 00 41 7996 26123
Andrew McLachlan (Media Zoo) 00 44 20 7384 6980 00 44 7931 377162
Joseph Wade (Media Zoo) 00 44 20 7384 6980 00 44 7758 074 576
Sareen Gosal (Media Zoo) 00 44 207 384 6980 00 44 7522 490 087