M&As: Ineos completes acquisition of TotalEnergies’ French petchem assets; Borealis acquires Bulgarian recycling firm
Chemical firm Ineos says it has completed the acquisition of TotalEnergies’ 50% share of Naphtachimie (720 kilotonnes/year steam cracker), Appryl (300 kilotonnes/year polypropylene business), Gexaro (270 kilotonnes/year aromatics business) and 3TC (naphtha storage) announced last year in July. These businesses were previously joint ventures between the two companies. A number of other infrastructure assets have also been acquired including part of TotalEnergies ethylene pipeline network in France.
Ineos adds it will now fully integrate the Naphthachimie, Gexaro and Appryl petrochemical businesses, assets and infrastructure into Ineos Olefins & Polymers South at Lavera in Southern France. Gexaro which is located on the Lavera refinery site will continue to be operated by Petroineos.
Xavi Cros, CEO of Ineos Olefins & Polymers South adds, "We are pleased that we have today completed the acquisition of TotalEnergies petrochemical assets at Lavera. This is a major step forward for the Ineos French and South European businesses. We will now fully integrate these assets and enhance the competitiveness of our offer."
In other news, materials firm Borealis has announced that it had signed an agreement to acquire a 100% stake in Integra Plastics AD, an advanced mechanical recycling player based in Elin Pelin, Bulgaria, subject to inter alia customary regulatory approvals.
Integra Plastics AD operates a modern advanced mechanical recycling plant built in 2019 with output capacity of more than 20,000 tonnes/year. Integra Plastics has the ability to transform post-consumer waste into high-quality polyolefin recyclates suitable for demanding applications.
The acquisition strengthens Borealis’ speciality and circular portfolio, enabling the company to meet growing customer demand for more sustainable solutions, it adds. Combining Integra Plastics’ expertise and capacity in advanced mechanical recycling with Borealis’ know-how and innovation leadership, contributes considerably to advancing circularity in the plastics industry. The move also represents a further proof point of Borealis’ EverMinds commitment to accelerate the transition to a truly circular economy, it furthers.
“We are thrilled to announce that we continue making steady progress on our circularity journey by adding Integra Plastics AD to our portfolio. This move strengthens our ability to deliver on our advanced mechanical recycling ambition and simultaneously, enables our customers to meet their sustainability targets. A true testament to the fact that we are reinventing essentials for sustainable living,” says Craig Arnold, Borealis Executive Vice President Polyolefins, Circular Economy Solutions and Innovation & Technology.
“Borealis is one of the world’s leading providers of advanced and sustainable polyolefin solutions, and an innovative European leader in polyolefin recycling. I am pleased to see Integra Plastics’ capacity and expertise contributing to Borealis’ goal of further advancing circularity. I am confident that Borealis and Integra Plastics will face a future of growth and innovation, offering a wider range of advanced mechanical recyclates to their customers,” comments Julian Stefanov, CEO of Integra Plastics AD.
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