INEOS Phenol has agreed to acquire the entire asset base of Mitsui Phenols Singapore from Mitsui Chemicals - a leading Japanese chemicals manufacturer - for $330 million (€329 million).
The business has a turnover of $750 million (€749 million) and produces over 1 million tonnes of product each year, including cumene (410 ktpa), phenol (310 ktpa), acetone (185 ktpa) alpha-methylstyrene (20 ktpa) and bisphenol A (150 ktpa).
“We are very pleased to acquire the Singapore Phenols business on Jurong Island, from Mitsui Chemicals. INEOS Phenol is today the leading phenol producer in the world, adding production and supply capabilities in a prime location in Asia has been a long-term business objective and will help us to further serve our global customer base.
"This acquisition presents an excellent opportunity to further improve the competitiveness of our business,” said Hans Casier, CEO INEOS Phenol.
“These are good quality, well placed assets, complemented by a very experienced operations team and high safety, health and environmental standards.”
“Entering the Asian market via this acquisition gives INEOS Phenol a unique capability to support our global customers’ plans for future growth whilst at the same time we look forward to developing new markets and customer relationships associated with bisphenol A which will be a new product for INEOS,” said Gordon Adams, business director INEOS Phenol.
INEOS Phenol is the largest producer of phenol and acetone with operating assets in Germany, Belgium and the US.
The business produces just under 1.9 million tonnes of phenol and around 1.2 million tonnes of acetone annually.
Demand for phenol and acetone continues to grow worldwide.
Through selective investments in new assets and new technology, the business intends to further develop its business and grow with its customers.
The transaction is subject to customary regulatory approval and is currently anticipated to complete in Q1 2023.
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