MOSCOW (MRC) -- Ineos Americas announced on Thursday that it has acquired the aromatics business from Axiall Corp., a leading integrated North American chlorvinyl and aromatics manufacturer, said the producer in its press release.
Ineos paid USD52.4 million at closing with an additional USD10.5 million payable after closing upon satisfaction of certain conditions. The transaction became effective at the end of 30 September 2015.
The acquisition, comprises the cumene plant, based in Pasadena, TX, producing 900,000 m.t./year and employing around 43 people. In addition the phenol, acetone and alpha-methylstyrene business will transfer to the Ineos Phenol facility at Mobile, AL. Axiall has retained its phenol facility at Plaquemine, LA, which is integrated with other Axiall facilities at the site, along with the associated working capital. The company plans to wind-down the facility by the end of this year. The addition of Axiall’s aromatics business and cumene assets provides a close fit with the portfolio and expertise of Ineos Phenol, the company says.
Cumene is an essential raw material for the production of phenol and acetone, which are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres, including nylon, and solvents.
Ineos Phenol is a leading producer of phenol and acetone. Through selective investments in new assets and new technology, the business intends to further develop its business and grow with its customers.
As MRC informed earlier, Ineos have been making space on their massive Grangemouth site to build a new GBP20 million headquarters. The explosive demolition work at the plant last week helped clear the way for the state-of-the-art four storey facility – just one element of the company’s multi-million pound regeneration of the 1700 acre site - which is scheduled to be operational by September 2016.
Ineos Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.
MRC