Ineos to acquire Sasol’s ownership of Texas HDPE joint venture
South Africa-based Sasol is selling its 50 per cent stake in the Gemini joint venture to Ineos for $404 million.
South Africa-based integrated chemicals company Sasol Ltd. is selling its 50 per cent stake in the Gemini high-density polyethylene (HDPE) joint venture to partner Ineos Olefins & Polymers USA for US$404 million.
Started in 2017 and operated by Ineos, the unit – which operated as Gemini HDPE LLC in La Porte, Tex. – is a toll-manufacturer of bimodal HDPE, with annual production capacity of just over 1 billion pounds of bimodal HDPE sold primarily to serve pipe and film markets.
The facility is located within Ineos’ Battleground Manufacturing Complex in La Porte.
“This world-class asset is positioned to serve the growing global bimodal markets and would allow our business to meet increased demand from our customers,” Ineos CEO Michael Nagle said in a Nov. 24 statement.
Ineos is headquartered in Houston.
The proposed acquisition is contingent on financing, and is targeted to close by year-end.