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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
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