Ineos announces agreement with LyondellBasell to acquire its ethylene oxide and derivatives business, including Bayport, Texas Underwood Factory. The transaction includes a 420,000-tonne ethylene oxide plant, a 375,000-tonne glycol plant and a 165,000-tonne glycol ether plant, as well as all related third-party operations on site, and is valued at $700 million.
Ethylene oxide plays an important role in the daily lives of millions of people. It is a key raw material used in large-scale chemical production worldwide. It is used in the production of pharmaceuticals, cosmetics, semiconductors, polyester, food packaging, construction materials, antifreeze, brake fluid, solvents, paints, soaps and detergents.
The first plant acquired by INEOS in 1998 was the ethylene oxide plant in Zwijndrecht, Belgium. As a key feedstock, the ethylene oxide plant forms the basis for the development of INEOS' chemicals business.
Tobias, CEO of Ineos Oxide Hannemann said: "We are delighted to announce this strategic acquisition. INEOS is a leading European producer and this significant move expands its ethylene oxide and derivatives business into the United States, the world's largest market. It also complements our strategic location in Existing ethanolamine production facility in Plaquemine, Louisiana."
“Bayport With free land to meet INEOS's growth expectations, the Underwood site is an ideal location to grow our third-party business. We look forward to welcoming these businesses, factories and teams of professionals to INEOS. "
Located in Bayport Underwood's LyondellBasell ethylene oxide and derivatives facility produces high-quality ethylene oxide and its derivatives. The fully integrated platform leverages cost-effective U.S. energy, feedstock and logistics networks and has an outstanding track record and reputation in the market.
LyondellBasell CEO Peter Vanacker said: "This transaction demonstrates our rigorous focus on value creation by executing on key pillars of our strategy - growing and upgrading our core. We remain a positive cash-generator, advantaged feedstock for our ethylene oxide and derivatives business. We are proud of our acquisition, reliability and highly skilled team and are delighted to have reached an agreement with INEOS that will enable the business to continue to create value under different ownership.”
All current employees at LyondellBasell's Bayport Underwood facility, as well as some working off-site, will be transferred to INEOS upon completion of the transaction.
The transaction is targeted for completion in the second quarter of 2024, subject to regulatory and other third-party approvals.
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