INEOS has announced its intention to purchase the global aromatics and acetyls businesses of BP for a consideration of $5 billion. Of the $5 billion, $4 billion will be payable upon completion with the remaining $1 billion deferred until, at the latest, June 2021.
This acquisition will extend INEOS’ portfolio and geographic reach of its business. The aromatics business is a global leader in PTA (purified terephthalic acid) and PX (paraxylene) technology with six sites and supplies the global polyester business which includes polyester fibre, film and PET packaging.
The acetyls business, with nine sites, produces acetic acid and a range of derivatives supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.
“We are delighted to acquire these top-class businesses from BP, extending the INEOS position in global petrochemicals and providing great scope for expansion and integration with our existing business,” Jim Ratcliffe, founder and chairman of INEOS, said.
Ratcliffe concluded, “This acquisition 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.”