Ineos Enterprises has agreed to sell the Ineos Composites business to KPS Capital Partners for an estimated €1.7 billion.
Ineos Composites is a global manufacturer of unsaturated polyester resins, vinyl ester resins, and gelcoats used in plastic composites for a wide range of applications. The business has combined sales of more than €800 million annually and employs ~900 employees across 17 sites and 3 technology centers in Europe, North and South America, Asia, and the Middle East.
The proposed deal is expected to be completed in the first half of 2025 subject to regulatory approvals and consultation processes, in particular, concerning the French business, for which the parties have entered into exclusive negotiations.
Ashley Reed, Chairman of Ineos Enterprises said, “Composites has been part of Ineos Enterprises for the past five years, during which time it has achieved significant improvements in safety and financial performance. Furthermore, it has solidified its market position through enhanced product quality, consistency, and strengthened operational and commercial capabilities, ensuring a strong foundation for further future growth.”
KPS manages investment funds with approximately $21.4 billion (€20.4 billion) of assets under management. The company has a strong track record of acquisitions and investments in manufacturing and industrial companies across a range of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment, and general manufacturing.
“We are thrilled to acquire Ineos Composites, a leading global manufacturer of specialty composite resins,” commented Raquel Vargas Palmer, Managing Partner of KPS Capital Partners. “The company’s leading market position and long-tenured customer base is a testament to its differentiated product quality, reliability, and strong technical service capabilities. We will leverage KPS’ successful, multi-decade experience of investing in process industries, along with our commitment to manufacturing excellence and global network, to drive profitability and create an entrepreneurial culture centered on innovation, continuous improvement, and superior customer experience.”
Source: chemanager-online.com
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