Petrochemical firm Ineos has completed the purchase of the global Aromatics and Acetyls businesses from BP for a consideration of US$5 billion. Already one of the world’s leading petrochemical companies, this acquisition will extend both the portfolio and the geographic reach of the business for Ineos. The businesses will be known as Ineos Acetyls and Ineos Aromatics.
The acquisition consists of 15 sites across the world (five in the Americas, two in Europe and eight in Asia) as well as ten leading joint ventures.
Ineos Aromatics is a supplier of PTA (Purified Terephthalic Acid) and PX (Paraxylene) technology with six sites and supplies the global polyester business which includes polyester fibre, film and PET packaging.
Ineos Acetyls produces acetic acid and a range of derivatives from its 9 sites, supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.
Sir Jim Ratcliffe, Founder/Chairman of Ineos says, “We are delighted to have been able to acquire these top-class businesses from BP, extending our position in global petrochemicals and providing good scope for expansion and integration with our existing business.”