INEOS has bought an aromatics business for almost $63 million.
The deal will see INEOS Phenol take over Axiall Corporation’s cumene factory in Pasadena in Texas, America, and transfer its phenol, acetone and alpha- Methylstyrene (AMS) business to INEOS Phenol’s plant at Mobile in Alabama.
About 43 people currently work at the Pasadena factory which began operating in 1979 and today manufactures 900,000 tons of cumene every year. Cumene is used to make phenol and acetone, both of which are used in a range of everyday products, including plywood, plastics, pharmaceuticals, paints, acrylics and varnishes.
CEO Casier said the acquisition of such good quality, well-placed assets presented INEOS Phenol with an excellent opportunity to further improve its competitiveness.
“We are already a leading producer of phenol and acetone,” he said. “But through selective investments in new assets and new technology, we intend to further develop our business and grow with our customers.”