- INEOS acquires Mitsui Phenols Singapore for $330 million.
- The deal adds over 1 million tonnes of annual capacity, including cumene, phenol, acetone, alpha-methylstyrene, and bisphenol A.
- 120 employees will transfer to INEOS Phenol, with completion expected in Q1 2023.
- The acquisition supports global customer growth and market expansion in Asia.
Acquisition Details
INEOS Phenol has agreed to acquire Mitsui Phenols Singapore Ltd from Mitsui Chemicals for $330 million. The acquisition includes the entire asset base on Jurong Island, Singapore, adding over 1 million tonnes of production capacity annually.
Production Capacity
The deal enhances INEOS Phenol's capacity with additional production of cumene (410 ktpa), phenol (310 ktpa), acetone (185 ktpa), alpha-methylstyrene (20 ktpa), and bisphenol A (150 ktpa). This expansion complements INEOS Phenol's existing operations in the USA, Belgium, and Germany.
Strategic Fit
The acquisition supports INEOS Phenol's strategy to better serve its global customers and develop new markets in Asia. The integration of the Jurong assets offers significant opportunities with INEOS's manufacturing sites in Germany, Belgium, and the United States.
Timeline and Workforce
The transaction is subject to customary regulatory approval and is expected to complete in Q1 2023. Upon completion, 120 employees from Mitsui Phenols Singapore will transfer to INEOS Phenol.
