Netherlands: 80 Million € Deal Ineos Sells Expandable Polystyrene Business to Synthos
Ineos Enterprises has reached an agreement to sell Ineos Styrenics, its Expandable Polystyrene Business (EPS), to Synthos for an amount of € 80 million.
Breda/Netherlands – Completion of the transaction is likely to occur in the second half of 2016, subject to customary regulatory approvals.
“The aim of the acquisition will be to provide the highest quality expandable polystyrene (EPS) to ensure that expandable polystyrene products (EPS) remain the insulation material of choice for our customers.” said Tomasz Kalwat, CEO of Synthos.
“The combination of Ineos Styrenics with Synthos will accelerate growth and deliver additional benefits to customers of both companies, giving them access to expanded technologies and an enhanced product portfolio. It will also offer new opportunities for employees who will be part of a company that is focussed on, and strategically committed to the long term future of the expanded polystyrene market,” said Ashley Reed, CEO of Ineos Enterprises.
Synthos is one of the largest manufacturers of chemical raw materials in Poland. Ineos Styrenics produces high quality Expandable Polystyrene (EPS) for the building, construction and packaging industries at manufacturing sites at Wingles and Ribécourt in Northern France and Breda in the Netherlands. The three production sites are supported by its technology Centre in Breda, which is a purpose-built research, develoment and product testing facility, including a research laboratory and pilot plant facilities. Customer Service, Logistics and Finance groups are also located in Breda. The business employs about 250 people who will transfer as part of this deal.