Ineos Enterprises will buy a North American titanium dioxide (TiO2) business from Tronox Ltd. for $700m (€619m).
The deal includes two plants in Ashtabula, Ohio.
Stamford, Connecticut-based Tronox needs to sell the business to clear its purchase of the global TiO2 business of National Titanium Dioxide Co. Ltd., which operates as Cristal. Cristal is based in Jeddah, Saudi Arabia.
Ineos Enterprises is part of London-based Ineos, a global producer of plastics and speciality chemicals, whose products include polyethylene and polypropylene. TiO2 is commonly used as a whitener in plastics and many other products.
The proposed sale of the North American business to Ineos has received support from Cristal and Tronox’s North American customers and will make Ineos the second largest producer of this essential product in the US, Ineos officials said in a 19 March news release.
The acquisition “is a great opportunity for Ineos to enter the pigments market and become the second largest producer of titanium dioxide in the key North American market,” Ineos Chairman Jim Ratcliffe said in the release.
Cristal’s North American TiO2 unit “is a competitive business, with excellent people and assets,” Ineos Enterprises CEO Ashley Reed added.
Ineos employs 20,000 globally and has annual sales of around $60bn (€53bn).
By Frank Esposito
Source: Plastic News Europe
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.