Ineos Buys BP Chemical Businesses for $5B
Ineos has revealed that it has completed the purchase of BP’s global aromatics and acetyls businesses for a consideration of $5 billion.
The acquisition comprises 15 sites across the world - five of which are in the Americas, two are in Europe and eight are in Asia - as well as ten joint ventures. As part of the deal, Ineos said it has acquired a range of world class assets and an experienced team of people.
Ineos, which noted that it is already one of the world’s leading petrochemical companies, said this acquisition will extend both the portfolio and the geographic reach of the business. The businesses will be known as Ineos Acetyls and Ineos Aromatics.
Ineos Acetyls produces acetic acid and a range of derivatives from its nine sites, supplying a range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging. Ineos Aromatics is described as a global leader in PTA (Purified Terephthalic Acid) and PX (Paraxylene) technology with six sites. It supplies the global polyester business which includes polyester fibre, film and PET packaging.
“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,” Jim Ratcliffe, the founder and chairman of Ineos, said in a company statement.
Ineos announced its intention to purchase the global aromatics and acetyls businesses of BP for a consideration of $5 billion back in June last year. In a company statement at the time, Ineos said $4 billion would be payable upon completion with the remaining $1 billion deferred until, at the latest, June 2021.
Ineos describes itself as a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 36 businesses and its production network spans 194 sites in 29 countries, the company’s website shows.
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