USA: Bimodal High-Density Polyethylene Ineos Acquires Sasol’s Stake in Gemini HDPE for 404 Million Dollars
Ineos Olefins and Polymers USA has acquired Sasol’s 50 % stake to become 100 % owner of the Gemini HDPE facility in Texas, USA. The move is expected to increase the Ineos Group’s global HDPE market share.
Germany – Ineos Olefins and Polymers USA has recently announced that it has agreed principle terms with Sasol Chemicals North America to acquire its 50 % membership interest in Gemini HDPE (Gemini) for 404 million dollars.
Gemini is a toll-manufacturer of bimodal high-density polyethylene products serving rapidly growing pipe and film markets. Gemini is operated by Ineos and located within the Ineos Battleground Manufacturing Complex in La Porte, Texas. The proposed acquisition is contingent on financing, is targeted to close by year-end, and would consolidate 100 % of Gemini ownership and all marketing under Ineos.
Michael Nagle, CEO of Ineos O&P USA said, “We are excited about the opportunity to acquire Sasol’s share of Gemini. This world-class asset is positioned to serve the growing global bimodal markets and would allow our business to meet the increased demand from our customers.”
Ineos O&P USA is part of the Ineos Group, one of the world’s leading petrochemical companies. This proposed acquisition would increase Ineos Group’s global HDPE market share and strengthen its ability to service the rapidly growing bimodal markets. Ineos’ global polymer businesses are leaders in technology with production sites around the world, producing polymers with a wide range of downstream end-uses such as food packaging, automotive, pharmaceutical packaging, thermoforming, pressure pipe, blow moulding, caps and closures, and film.