2015-2017 Exhibitions
Ineos buys Axiall’s aromatics unit; US$62 mn purchase
Swiss chemicals firm Ineos Group has acquired the aromatics business of US chlorvinyl and aromatics manufacturer Axiall Corp. for US$62.9 million.
The acquisition, comprises the cumene plant, based in Pasadena, Texas, producing 900,000 tonnes of product and employing around 43 people. In addition the phenol, acetone and alpha-Methylstyrene business will transfer to the Ineos Phenol’s facility at Mobile, Alabama.
The addition of Axiall’s Aromatics business and cumene assets provides a close fit with the portfolio and expertise of Ineos Phenol, it says.
Cumene is an essential raw material for the production of phenol and acetone, which are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres (such as nylon) and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics and fibre industries.
Ineos Phenol is a leading producer of phenol and acetone. Through selective investments in new assets and new technology, the business intends to further develop its business and grow with its customers.
Axiall’s Interim President/CEO Tim Mann, said, “This is our second divestiture of non-core assets in 2015, following the February sale of our phosgene business, which allows us to better focus on our core chloro-vinyls, derivatives and specialties businesses.”
(PRA)
2015-2017 Exhibitions
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