INEOS Enterprises has today confirmed it has reached an agreement in principle, to sell INEOS Styrenics, its Expandable Polystyrene Business (EPS), to Synthos S.A. for €80m.
INEOS Styrenics produces high quality Expandable Polystyrene (EPS) for the building, construction and packaging industries at manufacturing sites at Wingles and Ribécourt in Northern France and Breda in the Netherlands. The three production sites are supported by its technology Centre in Breda, which is a purpose-built research, development and product testing facility, including a research laboratory and pilot plant facilities. Customer Service, Logistics and Finance groups are also located in Breda. The business employs c. 250 people who will transfer as part of this deal.
“The combination of INEOS Styrenics with Synthos will accelerate growth and deliver additional benefits to customers of both companies, giving them access to expanded technologies and an enhanced product portfolio. It will also offer new opportunities for employees who will be part of a company that is focussed on, and strategically committed to the long term future of the expanded polystyrene market,” said Ashley Reed, CEO of INEOS Enterprises.
The agreement to sell the business to Synthos S.A. represents an important step in the ongoing development of the EPS business. Synthos S.A. is one of the largest manufacturers of chemical raw materials in Poland. The Company was the first European manufacturer of emulsion rubbers and is a leading manufacturer of polystyrene for foaming applications. The Company is traded on the Polish stock exchange with its headquarters located in Oświęcim.
“The aim of the acquisition will be to provide the highest quality expandable polystyrene (EPS) to ensure that expandable polystyrene products (EPS) remain the insulation material of choice for our customers.” said Tomasz Kalwat, CEO of Synthos.
Completion of the transaction is likely to occur in the second half of 2016, subject to customary regulatory approvals.
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