Ineos sell polystyrene business €80 million

Ineos to sell polystyrene business for €80 million

7:03 AM, 7th May 2016
Ineos to sell polystyrene business for €80 million

ROLLE, SWITZERLAND: Ineos Enterprises has reached an agreement, to sell Ineos Styrenics, its expandable polystyrene business to Synthos SA for €80 million. Completion of the transaction is likely to occur in the second half of 2016

Ineos Styrenics produces high quality expandable polystyrene (EPS) for the building, construction and packaging industries at manufacturing sites at Wingles and Ribecourt in Northern France and Breda in Netherlands. The business employs 250 people who will be transferred as part of this deal.

The agreement to sell the business to Synthos SA represents an important step in the ongoing development of the EPS business. Synthos is one of the largest manufacturers of chemical raw materials in Poland. The company was the first European manufacturer of emulsion rubbers and is a leading manufacturer of polystyrene for foaming applications.

“The combination of Ineos Styrenics with Synthos will accelerate growth and deliver additional benefits to customers of both companies, giving them access to expanded technologies and an enhanced product portfolio. It will also offer new opportunities for employees who will be part of a company that is focussed on, and strategically committed to the long term future of the expanded polystyrene market,” said Ashley Reed, CEO of Ineos Enterprises.

“The aim of the acquisition will be to provide the highest quality expandable polystyrene (EPS) to ensure that expandable polystyrene products (EPS) remain the insulation material of choice for our customers,” said Tomasz Kalwat, CEO of Synthos.

The Valence Group acted as exclusive financial advisor to Ineos and Squire Patton Boggs acted as legal advisor.

© Worldofchemicals News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Valmet, Biochemtex collaborate to develop lignin derived biochemicals

UUSIKAUPUNKI, FINLAND: Valmet Corporation and Biochemtex SpA said that they will cooperate in the field of conversion of lignin into biochemicals. The ...

Read more
AMRI to acquire API manufacturer Euticals in $358 mn deal

ALBANY, US: Albany Molecular Research Inc (AMRI) has signed a definitive agreement to acquire all outstanding shares of Prime European Therapeuti ...

Read more
ExxonMobil, FuelCell Energy pursue novel technology in carbon capture

IRVING, US: ExxonMobil Corporation and FuelCell Energy Inc has signed an agreement to pursue novel technology in power plant carbon dioxide capture th ...

Read more
Beneficial biofilm works as a 'probiotic' to control biofouling

UNIVERSITY PARK, US: A team of chemical engineers at Pennsylvania State University (PSU) has developed a beneficial biofilm with the ability to preven ...

Read more
Maroon Group acquires specialty chemicals distributor in US

AVON, US: Maroon Group LLC has acquired US Chemicals LLC, a national distributor of specialty chemicals based in Darien, Connecticut. US Chemicals&rsq ...

Read more
TerraVia, Bunge launch AlgaPrime DHA feed ingredient for aquaculture

SAN FRANCISCO & WHITE PLAINS, US: TerraVia and Bunge Limited said that they have launched a sustainable specialty feed ingredient, AlgaPrime DHA f ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X