INEOS to acquire intermediates business from Flint Hills Resources
INEOS Enterprises has confirmed that it has entered into a binding agreement to acquire the chemical intermediates business of Flint Hills Resources. The acquisition expands the business portfolio of INEOS Enterprises; the products made at the site are distributed globally and used in a diverse range of end use applications such as coatings, clothing, paints and gasoline additives.
The business comprises production facilities making purified Isophthalic acid (PIA), trimellitic anhydride (TMA) and maleic anhydride (MAN) located near Chicago, Illinois. It also has offices and distribution operations at various locations in the USA, Europe and Asia. The total workforce of approximately 260 people will transfer into INEOS Enterprises following the successful completion of the deal.
Ashley Reed, CEO INEOS Enterprises said: “INEOS has a track record of acquiring businesses that are no longer core to their previous owners, improving their profitability and long-term prospects. The chemicals intermediates business of Flint Hills fits well with our portfolio and I am very pleased that we have the opportunity to integrate it into INEOS Enterprises.”
INEOS Enterprises comprises a portfolio of businesses manufacturing chemical products in Northern Europe USA and Canada, with sales of €2bn around the world. The business is focused on the developing needs of its customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. It employs c. 2,000 people across sites in the UK, Germany, Sweden, Switzerland, Canada and the USA.
The deal is expected to complete before the end of 2018, subject to regulatory approval.