INEOS Oxide Acquires BP Chemicals' European Acetate Business
On the 17th December 2001, INEOS Oxide acquired BP Chemicals' European Acetate Esters Business; subject to competition authority approvals. Completion is expected in February 2002.
Included in the deal is the acetate ester plant located on INEOS Oxide's site in Antwerp, goodwill and technology license. Financial details were not disclosed.
Bill Reid INEOS Oxide CEO commented "We are very pleased to have acquired this business and the associated assets, not only because it is Europe's largest plant of this type but also because of the significant synergy these products bring INEOS Oxide in the solvents sector. The family of butyl and isopropyl acetate esters fit nicely into our expanding solvents portfolio of glycol ethers and glycol ether esters and greatly enhances our offering to this important customer base. Having operated the unit on behalf of BP for the past six years, our new customers should experience a seamless transition of ownership."
This acetate esters business is the largest in Europe; other important export markets being those in the Far East and the Americas. On completion, the acetate esters business will be managed by Rob Ingram (tel no: +44 7788 974 003) along with the glycol ethers/glycol ester business.