INEOS Oxide and LyondellBasell (LYB) have today completed the sale of LYB’s Ethylene Oxide & Derivatives (EO&D) business and associated production facilities located in Bayport, Texas to INEOS.
Tobias Hannemann, CEO of INEOS Oxide said, “We are pleased to complete this strategic acquisition in the U.S. INEOS Oxide is a leading producer in Europe and this significant step expands our Ethylene Oxide & Derivatives business into the U.S, which is the world’s largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana.”
“There is available land on the Bayport site for INEOS’ growth aspiration. It is an ideal location to develop our third-party business supporting customers to co-locate and integrate into an existing Ethylene Oxide & Derivatives platform. We look forward to incorporating the business, site and team of very professional and highly motivated people within the global INEOS group.”
The Bayport EO&D business produces high-purity ethylene oxide and associated derivatives. Access to cost-advantaged feedstocks and logistics networks contributes to its excellent performance and market reputation.
Peter Vanacker, CEO of LyondellBasell said, “This divestiture of the EO&D business demonstrates progress against our company strategy and allows us to focus on further strengthening our core businesses. We are confident that the EO&D team will continue to thrive under new ownership and remain committed to collaborating closely with INEOS for a seamless transition.”
The closing of the transaction follows the completion of planned maintenance at the Bayport facility and satisfaction of regulatory and other customary closing conditions.
About INEOS Oxide
INEOS Oxide is Europe’s largest producer of ethylene and propylene based chemicals. Our strong and successful businesses focus on ethylene and propylene oxides and their derivatives, oxo-alcohols, acetate esters, and ethylidene norbornene. This extensive product portfolio plays an essential role in the day-to-day life of millions of people as the basic raw material for Agrochemicals, Construction materials, Engineering Polymers, Lubricants, Antifreeze & Automotive Brake Fluids, Pharmaceuticals & Personal Care. We manufacture our products in four different production facilities located in Europe (Belgium, France & Germany) and the USA (Louisiana). These sites are all strategically located within the main petrochemical clusters of both continents, enabling manufacturing synergies and delivering close proximity to both suppliers and customers.
About INEOS
INEOS is a global petrochemicals manufacturer, comprising 36 individual businesses. We operate 182 facilities in 31 countries throughout the world, employing 25,000 people. INEOS makes the raw materials and energy used for everyday life. Its products make an indispensable contribution to society and are essential in applications ranging from the preservation of food to the provision of clean water; from construction of wind turbines, solar panels, and other renewable technologies to the construction of lighter and more fuel-efficient vehicles and aircraft; from medical devices and pharmaceuticals to clothing and apparel. In recent years INEOS has diversified with the launch of INEOS Automotive and INEOS Hygienics, the acquisition of iconic British brand Belstaff and an ever-expanding sports portfolio. As part of its greenhouse gas emission reduction strategy, INEOS businesses have put in place plans and actions needed to ensure that they lead the transition to a net zero economy by no later than 2050, whilst remaining profitable.
About LyondellBasell
We are LyondellBasell (NYSE: LYB) – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.