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.

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