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Ineos said to Get $350 million from asset sale to reduce debt

February 05/2010
February, 5 (businessweek.com) -- Ineos Group Holdings Plc, Britains largest chemical maker, will get $350 million from the sale of a fluorine unit to PVC pipe and resin maker Mexichem SAB to help pay down debt, according to two people with knowledge of the sale.

Mexichem will pay $300 million for Ineos Fluor, plus $50 million for a non-compete clause and transitional services, said the people, who declined to be identified because details of the transaction are private. Ineos Fluor generates annual revenue of 300 million euros ($419 million), the British chemicals maker said Feb. 2, without giving the transaction value.

Ineos is partway through a program to strengthen its balance sheet. The Lyndhurst, England-based company refinanced loans last year after the global recession triggered a slump in demand for chemicals. Ineos is run by Jim Ratcliffe, a former private equity executive, who sought to challenge rivals BASF SE and Dow Chemical Co. by borrowing to fund the purchase of low- margin commodity assets.

For Mexico City-based Mexichem, the purchase of Ineos Fluor will make it the worlds largest producer of calcium fluoride, a component of chemicals used in refrigerants, lubricants and propellants. The acquisition will be subject to regulatory approval, it said in a regulatory filing.
Mexichem spokesman Enrique Ortega and Ineoss Richard Longden declined to comment on the financial details of the transaction.
 




Ineos said to Get $350 million from asset sale to reduce debt

       MRC Reference

Ineos is a petrochemical group.
In Russia  Ineoss interests are represented by  Ineos Polyolefins and  IneosChlorVinyls.

 

The share in the Russian market in 2008:
 PVC - 4.5%;

 polyethylene - 1.9%
 (HDPE - 2.8%, LDPE 1.2%);
 polypropylene - 1.4%
(PP-random 22.1%, PP-impact - 2.0%);
 polystyrene 0.9%.

 

Imports by polymers processing technologies:
 profile extrusion;
 pipe extrusion;
 film extrusion;  
 injection molding.



 

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