Ineos completes acquisition of BP’s global Aromatics and Acetyls business
The businesses will now be known as Ineos Acetyls and Ineos Aromatics.
Petrochemical supplier Ineos has compled its purchase of the global Aromatics and Acetyls businesses from oil and gas company BP for a consideration of US$5 billion. The deal was first announced at the end of June 2020.
Ineos said the acquisition – which consists of 15 sites across the world (5 in the Americas, 2 in Europe and 8 in Asia) as well as 10 leading joint ventures – will extend both its portfolio and geographic reach. The businesses will be known as Ineos Acetyls and Ineos Aromatics.
Ineos Aromatics is a global leader in PTA (purified terephthalic acid) and PX (paraxylene) technology with six sites. It supplies the global polyester sector, which includes polyester fibre, film, and PET packaging.
Ineos Acetyls produces acetic acid and a range of derivatives from nine sites, supplying a range of downstream industries such as food, pharmaceuticals, paints, adhesives, and packaging.
“I am very pleased that we have been able to complete the acquisition, which is a logical development of our existing petrochemicals business, extending our interest in acetyls and adding a world-leading aromatics business supporting the global polyester industry,” Sir Jim Ratcliffe, founder and chairman of Ineos, said in a statement.