INEOS to buy BP's aromatics and acetyls business
- INEOS will pay $5 billion for BP's aromatics and acetyls business, with $4 billion upfront and $1 billion deferred until June 2021.
- The acquisition includes 15 sites globally and 10 joint ventures.
- Aromatics are crucial for polyester, while acetyls are used in food, pharmaceuticals, paints, adhesives, and packaging.
- The deal expands INEOS's footprint in Hull, UK, and Geel, Belgium.
Acquisition Details
INEOS has announced its plan to acquire BP's global Aromatics and Acetyls businesses for $5 billion. The payment structure includes $4 billion upon completion and the remaining $1 billion deferred until June 2021.
Global Footprint
The acquisition encompasses 15 sites worldwide, with 5 in the Americas, 2 in Europe, and 8 in Asia, along with 10 leading joint ventures. This move will significantly expand INEOS's geographic reach and asset base.
Business Integration
The deal will reintegrate the Hull site and expand INEOS's existing footprint in Geel, Belgium. The acquired businesses will complement INEOS's current operations, enhancing its capabilities in the petrochemical sector.
Product Lines
The Aromatics business is a global leader in PTA (Purified Terephthalic Acid) and PX (Paraxylene) technology, essential for the polyester industry, including fibres, films, and PET packaging. The Acetyls business produces acetic acid and derivatives used in food flavouring, pharmaceuticals, paints, adhesives, and packaging.