INEOS completed 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.
INEOS is already one of the world’s leading petrochemical companies and this acquisition will extend both the portfolio and the geographic reach of the business. 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 6 sites and supplies the global polyester business which includes polyester fibre, film and PET packaging.
INEOS Acetyls produces acetic acid and a range of derivatives from its 9 sites, supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.
The acquisition consists of 15 sites across the world (5 in the Americas, 2 in Europe and 8 in Asia) as well as 10 leading joint ventures.
Sir Jim Ratcliffe, founder and chairman of INEOS adds, “I am very pleased that we have been able to complete the acquisition, which 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.”
“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.”