INEOS Enterprises has announced on Wednesday the sale of INEOS Melamines & Paraform to Prefere Resins Holding GmbH. The agreement covers sites in USA, Germany and Indonesia.
INEOS Paraform is Europe’s second largest producer of Paraformaldehyde. It employs around 120 people at its Mainz facility located close to the River Rhine and the port of Mainz. The business has been producing Formaldehyde and its downstream derivatives for more than 100 years and continues to innovate and develop its business.
INEOS Melamines is a world leader in the supply of melamine resins into coatings, paper, textile, tyre, rubber, and decorative laminates industries. The business employs around 150 people at sites in Springfield USA, Frankfurt, Germany and Surabaya, Indonesia.
“The agreement is an important step in the continued development of these established businesses and presents new opportunities to their employees that will transfer to Prefere Resins,” the company said in its statement.
“I am very pleased to have signed an agreement for the sale of the INEOS Melamines & Paraform business,” said Ashley Reed CEO INEOS Enterprises. “The deal represents a strong strategic fit with Prefere Resins and is a great opportunity to realise the true potential of these businesses, helping to secure their future development and growth.”
Prefere Resins is a leading European producer of phenolic resins, headquartered in Erkner, Germany and operates production sites in Finland, Germany, United Kingdom, France, Poland and Romania. The company also runs three R&D sites (Germany, Austria and Finland) and four regional sales offices (Germany, UK, Finland and Austria). The Company produces around 350,000 tonnes in volume per year and employs over 320 people.
The Melamines & Paraform Business is currently a part of the INEOS Enterprises portfolio.
The consideration for the transaction was not provided. It is expected that the transaction will complete within Q2 this year subject to regulatory approval.
The Valence Group acted as advisors to INEOS in connection with the sale.
Source: INEOS
