INEOS Acquires LyondellBasell's Bayport Ethylene Oxide Facility for $700M
- INEOS acquires LyondellBasell's Bayport site for $700 million.
- The deal includes ethylene oxide, glycols, and ethers plants.
- Completion is targeted for Q2 2024, pending approvals.
- The site benefits from cost-effective US energy and logistics.
Acquisition Details
INEOS has announced an agreement to acquire LyondellBasell's Ethylene Oxide and Derivatives business, including the Bayport Underwood site in Texas, for $700 million. The acquisition encompasses a 420 kt Ethylene Oxide plant, a 375 kt Ethylene Glycols plant, and a 165 kt Glycol Ethers plant, along with associated third-party business on the site.
Strategic Expansion
This acquisition marks a significant expansion for INEOS into the US market, which is the largest globally. The Bayport site offers access to cost-advantaged US energy, feedstocks, and logistics, enhancing INEOS's operational capabilities.
Completion Timeline
The transaction is expected to be completed by the second quarter of 2024, subject to regulatory and third-party approvals. Upon completion, INEOS will acquire a site with world-class assets and a skilled team.
Employee Transition
All current employees at the LyondellBasell Bayport Underwood site, as well as some offsite staff, will transfer to INEOS once the transaction is finalized.
Source: INEOS