INEOS acquires Methanova
INEOS Capital today announced the acquisition of Methanova GmbH as detailed in the press release below. Completion of the transaction is expected on Friday 25th July. Methanova will be financed as a separate wholly-owned Ineos company with its own Management board.
Peter Bickert will be appointed Executive Chairman of Methanova following completion, in addition to his current role as CEO, Ineos Phenol. We wish Peter every success with his additional responsibilities.
EXTERNAL PRESS RELEASE
INEOS Capital Ltd of Lyndhurst, UK announced today that it has acquired Methanova GmbH of Mainz-Mombach from Degussa AG of Dusseldorf, Germany.
Methanova is a leading European producer of formaldehyde, paraformaldehyde, hexamine and inorganic cyanates which find outlets in numerous applications including phenolic and melamine resins, automotive tyres and heat treatment salts.
Methanova employs 170 people at a single site approximately 50 km west of Frankfurt and during 2002 generated sales of ca €50m. Jim Ratcliffe, INEOS Chairman and CEO commented “Methanova fits our acquisition criteria of a chemical business with good people, assets and market positions and we welcome the employees to INEOS”.
The UK based INEOS Group of companies was established in 1998 to acquire the former BP/Inspec Ethylene Oxide complex in Antwerp, Belgium. It has grown rapidly by both acquisition and internal expansions and is now a leading global manufacturer of speciality and commodity chemicals with 2002 sales of ca €5bn employing approximately 10,000 people at 60 sites.
For further information please contact:
INEOS Capital Ltd
Ph: +44 (0)23 8028 7061
Fx: +44 (0)23 8028 7069