Expansion in the USA: Ineos Acquires Lyondell Basell's Ethylene Oxide Business

700 Million Dollar Transaction Expansion in the USA: Ineos Acquires Lyondell Basell's Ethylene Oxide Business

2023-12-11 Source: Ineos 1 min Reading Time

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Chemical giant Ineos has announced the acquisition of Lyondell Basell's ethylene oxide and derivatives business for 700 million dollars. The transaction includes the acquisition of the production facility in Bayport, Texas.

The Lyondell Basell Ethylene Oxide & Derivatives site in Bayport Underwood produces high-quality ethylene oxide and derivatives.(Source: Ineos) — The Lyondell Basell Ethylene Oxide & Derivatives site in Bayport Underwood produces high-quality ethylene oxide and derivatives.
(Source: Ineos)

Ethylene oxide is a key raw material in the manufacture of a variety of everyday products such as pharmaceuticals, cosmetics and food packaging. The acquisition of Lyondell Basell's ethylene oxide and derivatives business expands Ineos' presence in this area in the US, the world's largest market for ethylene oxide and derivatives. Tobias Hannemann, CEO of Ineos Oxide: “Ineos are the leading producer of Ethylene Oxide & Derivatives in Europe and this major step will expand our business into the US, which is the world’s largest market.”

The transaction includes the 420 kt ethylene oxide plant, the 375 kt ethylene glycol plant and the 165 kt glycol ether plant, as well as all related third-party businesses at the site, valued at 700 million dollars.

The Bayport Underwood plant produces high-quality ethylene oxide and derivatives. The fully integrated site has access to low-cost energy, feedstock and logistics networks in the US and has an excellent track record and reputation in the market.

As part of the transaction, Ineos will retain all current employees of the Bayport Underwood site as well as some external employees. The transaction is expected to close in the second quarter of 2024, subject to regulatory and other third party approvals.

(ID:49835709)

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