INEOS has announced its intention to acquire BP’s global Aromatics and Acetyls business for a consideration of USD 5 billion. USD 4 billion will be payable upon completion with the remaining USD 1 billion deferred until, at the latest, June 2021. The business consists of 15 sites across the world (5 in the Americas, 2 in Europe and 8 in Asia) as well as 10 joint ventures.
Acquisition to Help Extend INEOS’ Business
INEOS will acquire a range of world class assets and an experienced team of people. The deal is a good fit with INEOS existing asset base, reintegrating the Hull site and expanding the existing INEOS footprint at Geel, Belgium.
Sir Jim Ratcliffe, founder and chairman of INEOS says, “
We are delighted to acquire these top-class businesses from BP, extending the INEOS position in global petrochemicals and providing great scope for expansion and integration with our existing business.”
INEOS’ acquisition will extend both the portfolio and the geographic reach of the business. The Aromatics business is one of the global leaders in PTA (Purified Terephthalic Acid) and PX (Paraxylene) technology with 6 sites and supplies the global polyester business which includes polyester fiber, film and PET packaging.
The Acetyls business with 9 sites produces acetic acid and a range of derivatives supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.
Source: INEOS