New INEOS business names confirmed
Following the completion of the acquisition of Innovene, announced on the 16th December, INEOS is now able to confirm the names of the new businesses that have been created as the company is integrated into the existing INEOS structure.
Seven new Business units have been formed:
INEOS Refining - Grangemouth and Lavéra refinery operations.
INEOS Olefins - Innovene’s Grangemouth, Lavéra and Köln Olefins activities including C2, C3, C4s and aromatics. The Saudi Delta Project and INEOS Wilhelmshaven Project are included in this business but it excludes Marl cumene.
INEOS Polyolefins - All Innovene’s polyethylene and polypropylene European operations including the Solutions business. This business also hosts Innovene’s Asian polyolefins operations.
INEOS Olefins & Polymers, USA – All of Innovene’s existing North American Olefins, Polyethylene and Polypropylene business activities including pipeline and terminal operations and the Hobbs NGL Fractionator as well as Carson, Chocolate Bayou and Battleground manufacturing sites. Styrene operations move to INEOS Styrenics.
INEOS Nitriles – All Innovene’s existing global nitriles business excluding catalysts, licensing and additives, and Barex. This business also hosts Innovene’s Asia nitriles operations.
INEOS Technologies – All Innovene technology licensing and catalysts, INEOS ChlorVinyls licensing, catalysts and processing aids, and the INEOS Enterprises Electrochemical Technology Business.
INEOS Oligomers - Innovene’s global LAO, PAO, PIB business and Köln’s oligomers business.
The following existing INEOS business names remain unchanged:
INEOS ChlorVinyls, INEOS Oxide, INEOS Films & Compounds, INEOS Phenol, INEOS Fluor, INEOS Silicas, INEOS Melamines, INEOS Paraform, INEOS Healthcare, INEOS Enterprises, INEOS Styrenics.
A plan to change the Innovene brand to the INEOS identity is now in hand and over the coming weeks businesses will begin to refer to themselves under their new identities.
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Note to editors:
INEOS is a rapidly growing manufacturer of petrochemicals, speciality and intermediate chemicals and polymers. The company was formed by a management buy out of the former BP petrochemicals asset in Antwerp, which was led by Jim Ratcliffe, who is now its Chairman. The company has subsequently grown through a series of successful acquisitions and continues to build on businesses that have good people and assets, supported by strong market positions and a potential for further growth.
The new enlarged INEOS includes 68 manufacturing facilities in 14 countries throughout the world. It will have approximately 15,600 employees, generating more than 30 million tonnes of petrochemicals and sales of around $33 bn.
Innovene was a 100 per cent BP-owned group, created in April 2005. It has manufacturing facilities in seven countries in North America and Europe; $25 billion estimated sales for 2005; $9.9 billion of net assets; 18 million tonnes of annual petrochemicals capacity and 412,000 barrels per day of crude oil refining capacity in Europe.