INEOS O&P USA to Acquire Sasol’s Ownership of Gemini HDPE LLC
- Today, INEOS Olefins and Polymers USA announced it has agreed principle terms to acquire Sasol’s 50% membership interest in Gemini HDPE LLC and, thereby, to become the 100% owner of the asset. Gemini is a toll manufacturer of bimodal high-density polyethylene products.
- Since Gemini’s startup in 2017, INEOS O&P USA has been, and will continue to be, the operator of the unit which utilizes INEOS’s proprietary INNOVENETM S Technology
- The proposed acquisition would allow INEOS O&P USA to further expand its reach in the specialty polyethylene markets of pressure pipe and high molecular weight film.
- Target closing date for the acquisition is December 31, 2020.
INEOS Olefins and Polymers USA has today announced that it has agreed principle terms with Sasol Chemicals North America LLC to acquire its 50% membership interest in Gemini HDPE LLC (“Gemini”) for $404m. Gemini is a toll-manufacturer of bimodal high-density polyethylene products serving rapidly growing pipe and film markets. Gemini is operated by INEOS and located within the INEOS Battleground Manufacturing Complex in La Porte, TX. The proposed acquisition is contingent on financing, is targeted to close by year-end, and would consolidate 100% of Gemini ownership and all marketing under INEOS.
Michael Nagle, CEO of INEOS O&P USA said, “We are excited about the opportunity to acquire Sasol’s half of Gemini. This world-class asset is positioned to serve the growing global bimodal markets and would allow our business to meet increased demand from our customers.”
INEOS O&P USA is part of INEOS Group, one of the world’s leading petrochemical companies. This proposed acquisition would increase INEOS Group’s global HDPE market share and strengthen its ability to service the rapidly growing bimodal markets. INEOS’s global polymer businesses are leaders in technology with production sites around the world, producing polymers with a wide range of downstream end-uses such as food packaging, automotive, pharmaceutical packaging, thermoforming, pressure pipe, blow molding, caps and closures, and film.
Richard Longden (INEOS)
Group Communications Manager
Mobile +41 (0) 799 626 123
Charles Saunders (INEOS)
Direct +1 281 535 6630
Andrew McLachlan (Media Zoo)
+44 (0) 20 7384 6980
+44 (0) 7931 37716
Alex Anderson, (Sasol)
Group External Communication
Direct telephone: +27 (0) 10 344 6509
Mobile: +27 (0) 71 600 9605
Kim Cusimano, (Sasol)
Americas Corporate Affairs
Direct telephone: +1 (225) 776 0758
INEOS is a global manufacturer of petrochemicals and specialty chemicals employing 23,000 people. It has 34 businesses, with a production network spanning 183 manufacturing facilities in 26 countries. From paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life. INEOS had sales in 2019 of $61bn. Its products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world.
In the USA INEOS employs around 5000 people. It currently has $17bn capital invested
across its 32 US manufacturing sites.
Sasol is a global integrated chemicals and energy company spanning 30 countries. Through our talented people, we use selected technologies to safely and sustainably source, manufacture and market chemical and energy products globally.
More information about Sasol can be found at www.Sasol.com