Sector News

Ineos in $700m deal to buy TiO2 plants in US

March 23, 2019
Chemical Value Chain

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

comments closed

Related News

January 23, 2022

Eastman invests US$1B in world’s largest molecular plastics recycling facility in France

Chemical Value Chain

Eastman is investing up to US$1 billion in building what it says is the world’s largest molecular plastics recycling facility in France. The new facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tons of hard-to-recycle plastic waste annually – enough plastic waste to fill Stade de France national football stadium 2.5 times.

January 23, 2022

LG Energy Solution opens books for South Korea’s largest IPO at up to $10.8 bln

Chemical Value Chain

Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country’s largest initial public offering (IPO), according to a term sheet seen by Reuters. The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed.

January 23, 2022

SHYNE, the largest consortium to promote renewable hydrogen in Spain, is born

Chemical Value Chain

The SHYNE (Spanish Hydrogen Network) project is the largest multisectoral consortium in Spain, created to promote the decarbonization of the economy through renewable hydrogen. SHYNE will have a total investment of €3.23 billion euros that will serve to develop more competitive technologies and evolve both the Spanish industry and its infrastructure towards decarbonization, generating more than 13,000 jobs.

Send this to a friend