One of the world’s largest manufacturing companies, INEOS, has completed the purchase of the global Aromatics and Acetyls businesses from BP for a consideration of $5 billion. 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 and supplies the global polyester business which includes polyester fibre, film and PET packaging.
INEOS Acetyls produces acetic acid and a range of derivatives from its nine sites, supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.
Sir Jim Ratcliffe, founder and chairman of INEOS said: “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.”