Chemical supplier Ineos Group has acquired the aromatics business of Axiall Corp. for US$62.9 million.
The deal comprises the cumene plant, based in Pasadena, Tex., which produces 900,000 tonnes of product and employs around 43 people. In addition the phenol, acetone and alpha-Methylstyrene business will transfer to the Ineos Phenol facility at Mobile, Ala.
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 (such as nylon) and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics, and fibre industries.
Bringing together the cumene plant with our own facilities and the transfer of the phenol and acetone business to our unit in Mobile presents an excellent opportunity to further improve our competitiveness,” said Hans Casier, CEO of Ineos Phenol, in a statement.
Axiall Corp. is headquartered in Atlanta, Ga.
