Ineos Enterprises has announced the acquisition of Eramet Titanium & Iron (ETI) from Eramet for €230 million ($245 million). The deal was completed on Sept. 21 and takes immediate effect, following the satisfaction of regulatory approvals.
ETI operates an ilmenite transformation plant in Norway producing titanium slag which is used in the pigments industry. It also produces high-purity pig iron sold to European foundries. The agreement between Eramet and Ineos Enterprises also includes a long-term supply contract for ilmenite produced by Grande Côte Opérations (“GCO”), the Group’s subsidiary which operates the mineral sands mine in Senegal. Under Ineos ownership, ETI will now be known as Ineos Tyssedal.
Ashley Reed, CEO Ineos Enterprises commented “We are very pleased to acquire ETI from Eramet. This is a good quality asset, complemented by an experienced operations team. We believe the next phase of ETI’s development can be well progressed under Ineos ownership and further improve the long-term sustainability of the company.”
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