MOSCOW (MRC) -- INEOS Enterprises announced the completion of the acquisition of the entire composites business from Ashland Global Holdings Inc. on 3 September, as per the company's press release.
The acquisition also includes a BDO facility in Germany.
The businesses included in the transaction have combined sales of more than USD1.1 billion per year. They employ 1,250 employees across 19 sites in Europe, North and South America, Asia and Middle East.
Ashley Reed, CEO INEOS Enterprises said, "We are very pleased to have completed the deal to acquire the Composites business from Ashland. We have a strong track record of manufacturing excellence, running businesses safely and reliably and working closely with customers to meet their growth aspirations. The INEOS Composites business as it will be known, presents new opportunities for INEOS to enter the Composites market, with excellent people and assets. I very much look forward to welcoming the business into INEOS."
Ashland’s Composites Business will become INEOS Composites. It will build on firm foundations as a global leader in unsaturated polyester resins, vinyl ester resins and gelcoats.
The business will continue to provide a wide range of gelcoats and corrosion-resistant fiberglass reinforced plastic (FRP). The BDO facility produces key intermediates for high performance polyesters and polyurethanes and will be run by the INEOS Solvents business.
Bill Wulfsohn, Ashland chairman and chief executive officer said, "Today Ashland completed an important step fulfilling its vision of becoming the premier specialty chemical company with the completion of the sale of the Composites and Marl Intermediates businesses. Both are outstanding businesses with great people, technology and assets. We wish the Composites and Marl teams well as they become part of INEOS Enterprises."
As MRC informed before, in mid-January 2019, INEOS announced Antwerp as the location for its new petrochemical investment. The EUR3 billion investment will be the biggest ever made by INEOS and is first cracker to be built in Europe in 20 years. The investment is a game changer for the chemical sectors and will bring huge benefits to the Belgium and wider European economies.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,255,800 tonnes in the first seven months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the estimated PP consumption in the Russian market was 796,120 tonnes in January-July 2019, up by 11% year on year. Shipments of PP block copolymer and homopolymer PP increased.
Ashland Global Holdings Inc. is global specialty chemicals company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical.
INEOS Enterprises comprises a portfolio of businesses manufacturing chemical products in Northern Europe, USA and Canada, with sales of EUR2bn around the world. The business is focused on the developing needs of its customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. It employs c. 2,000 people across sites in, Canada and the USA. INEOS Enterprises is not part of the INEOS Group Holdings bank group.