INEOS has completed the sale of its Melamines & Paraform business to German phenolic resins producer Prefere Resins, the chemicals major said on Monday.
The transaction was announced in April. Financial details were not disclosed.
The sale covers INEOS’ paraform site in Mainz, Germany, as well as the melamines facilities in Springfield, US, Frankfurt in Germany, and Surabaya in Indonesia.
The company said 270 of its employees were being transferred to Prefere.
Prefere Resins is headquartered in Erkner, Germany. It operates production sites in Finland, Germany, the UK, France, Poland and Romania, with a total production capacity of 350,000 tonnes/year and employs over 320 people.
INEOS Enterprises is one of the company’s arms, comprising assets with sales of around €2bn, and it does not belong to INEOS Group Holdings, although it is also privately owned.
Source: ICIS News
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?