INEOS Americas LLC has today announced that it has acquired the aromatics business from Axiall Corporation, a leading integrated North American chlorvinyl and aromatics manufacturer. $52.4 million was paid at closing and an additional $10.5 million may be payable after closing upon satisfaction of certain conditions. The transaction became effective at the end of day on (23:59 ET) 30 September 2015.
The acquisition, comprises the cumene plant, based in Pasadena, Texas, producing 900,000 tonnes of product and employing around 43 people. In addition the phenol, acetone and alpha-Methylstyrene business will transfer to the INEOS Phenol facility at Mobile, Alabama.
The addition of Axiall’s Aromatics business and cumene assets provides a close fit with the portfolio and expertise of INEOS Phenol.
Cumene is an essential raw material for the production of phenol and acetone, which are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres (such as nylon) and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics and fibre industries.
“We are very pleased to have completed this acquisition. Bringing together the cumene plant with our own facilities and the transfer of the phenol and acetone business to our unit in Mobile presents an excellent opportunity to further improve our competitiveness,”said Hans Casier, CEO INEOS Phenol. “These are good quality, well placed assets, complemented by a very experienced operations team and high safety, health and environmental standards.”
INEOS Phenol is a leading producer of phenol and acetone. Through selective investments in new assets and new technology, the business intends to further develop its business and grow with its customers.
“As we refine our portfolio, we are pleased to have reached an agreement to sell our aromatics business to INEOS,” said Axiall Interim President and CEO Tim Mann. “This is our second divestiture of non-core assets in 2015, following the February sale of our phosgene business, which allows us to better focus on our core chloro-vinyls, derivatives and specialties businesses.”
Source: INEOS
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