Business Deal Ineos Phenol Acquires Chemical Firm Mitsui Phenols Singapore for 330-Million-Dollars
With this deal, Ineos Phenol will add more than 1 million tonnes of production capacity annually to its existing chemical business. This includes cumene (410 ktpa), phenol (310 ktpa), acetone (185 ktpa), alpha-methylstyrene (20 ktpa) and bisphenol A (150 ktpa).
London/UK – Ineos Phenol has recently announced that it has agreed to acquire the entire asset base of Mitsui Phenols Singapore from Mitsui Chemicals for a total consideration of 330 million dollars. The business has a turnover of 750 million dollars and produces over 1 million tonnes of product each year, including cumene (410 ktpa), phenol (310 ktpa), acetone (185 ktpa) alpha-methylstyrene (20 ktpa) and bisphenol A (150 ktpa).
The addition of the Jurong phenol and BPA assets provide a good fit with the firm’s existing asset portfolio and expertise of Ineos Phenol and presents significant integration opportunities with its manufacturing sites in Germany, Belgium and the United States.
Cumene is an essential raw material for the production of phenol, acetone, alpha-methyl styrene and BPA which are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics, healthcare, surgical and fibre industries.
“We are very pleased to acquire the Singapore Phenols business on Jurong Island, from Mitsui Chemicals. Ineos Phenol is today the leading phenol producer in the world, adding production and supply capabilities in a prime location in Asia has been a long-term business objective and will help us to further serve our global customer base. This acquisition presents an excellent opportunity to further improve the competitiveness of our business,” said Hans Casier, CEO Ineos Phenol. “These are good quality, well placed assets, complemented by a very experienced operations team and high safety, health and environmental standards.”
“Entering the Asian market via this acquisition gives Ineos Phenol a unique capability to support our global customers’ plans for future growth whilst at the same time we look forward to developing new markets and customer relationships associated with bisphenol A which will be a new product for Ineos,” said Gordon Adams, Business Director Ineos Phenol.
The transaction is subject to customary regulatory approval and is currently anticipated to complete in Q1 2023.