Ineos rang in the new year by completing the purchase of the global Aromatics and Acetyls businesses from BP for a consideration of $5 billion. The deal was first announced at the end of June 2020.
One of the world’s leading petrochemical companies, Ineos said that this acquisition will extend both its portfolio and geographic reach. 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. It supplies the global polyester sector, which includes polyester fibre, film, and PET packaging.
Ineos Acetyls produces acetic acid and a range of derivatives from nine sites, supplying a range of downstream industries such as food, pharmaceuticals, paints, adhesives, and packaging.
“I am very pleased that we have been able to complete the acquisition," said Sir Jim Ratcliffe, founder and Chairman of Ineos. He added that it 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.”
In announcing the transaction back in June, BP said that it would further strengthen its balance sheet and achieve the target for agreed divestments a year ahead of schedule. “As we work to build a more focused, more integrated BP, we have other opportunities that are more aligned with our future direction,” said BP CEO Bernard Looney at the time. “Today’s agreement is another deliberate step in building a BP that can compete and succeed through the energy transition.”