INEOS completes the acquisition of the Eastman Texas City Site
- The deal includes the 600kt Acetic Acid plant and all associated third party activities on the site.
- David Brooks, CEO INEOS Acetyls, comments "We are delighted to have completed this strategic acquisition which will help drive our global ambitions for our Acetyls business.”
INEOS has today announced it has completed the acquisition of the Eastman Texas City site, the 600kt Acetic Acid plant and all associated third party activities, from Eastman Chemical Company.
As previously announced, Eastman and INEOS have also entered into a Memorandum of Understanding to explore options for a long-term supply agreement for vinyl acetate monomer.
David Brooks, CEO INEOS Acetyls, comments "We are delighted to have completed this strategic acquisition which will help drive our global ambition for our Acetyls business. Our focus now will be on the integration of the site, business and employees into INEOS Acetyls.
The site is ideally placed to take advantage of competitively priced feedstocks which will help support the growth of our business and sustainable future of the site."
The plasticisers unit on the site will continue to be owned by Eastman, but will now be operated and maintained by INEOS.
All current employees on the Eastman Texas City site have now transferred over to INEOS.
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About INEOS Acetyls
INEOS Acetyls is a global producer of acetic acid and a range of derivatives. It is the largest producer of acetic acid, acetic anhydride, and ethyl acetate in Europe. In the US, the INEOS Acetyls business has been a leading supplier of acetic acid and acetic anhydride to North and South America for more than 45 years. And across Asia, the business provides acetic acid and commercial services across the region. It is one of the largest acetic acid suppliers in Asia, with a strong reputation in the industry for following world-class standards of production.
INEOS is a global petrochemicals manufacturer, comprising 36 individual businesses. We operate 194 facilities in 29 countries throughout the world, employing 26,000 people. INEOS makes the raw materials and energy used for everyday life. Its products make an indispensable contribution to society and are essential in applications ranging from the preservation of food to the provision of clean water; from construction of wind turbines, solar panels, and other renewable technologies to the construction of lighter and more fuel-efficient vehicles and aircraft; from medical devices and pharmaceuticals to clothing and apparel. In recent years INEOS has diversified with the launch of INEOS Automotive and INEOS Hygienics, the acquisition of iconic British brand Belstaff and an ever-expanding sports portfolio. As part of its greenhouse gas emission reduction strategy, INEOS businesses have put in place plans and actions needed to ensure that they lead the transition to a net zero economy by no later than 2050, whilst remaining profitable.