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December 12, 2023
1 Min Read
LyondellBasell's production facility in Bayport, Texas, is part of the deal.Image courtes of LyondellBasell
"This transaction is evidence of our disciplined focus on value creation through the execution of a key pillar of our strategy — growing and upgrading our core," said Peter Vanacker, LyondellBasell CEO.
"Successful execution of this strategic pillar involves making difficult decisions to divest businesses which are not part of our core. We remain proud of the positive cash generation, access to advantaged feedstocks, reliability, and highly skilled team that makes up the EO&D business and are excited to have reached an agreement with INEOS to enable the business to continue generating value under different ownership. We look forward to collaborating closely with INEOS on a seamless transition," he added.
The Ethylene Oxide & Derivatives business in Bayport produces high-quality ethylene oxide and various derivatives. The fully integrated platform with access to cost-advantaged feedstocks and logistics networks has excellent performance and reputation in the market.
"We are pleased to announce this strategic acquisition," said Tobias Hannemann, CEO at INEOS. INEOS is a leading producer in Europe and this significant step expands its Ethylene Oxide & Derivatives business into the US, which is the world's largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana."
The transaction is expected to close in second quarter 2024 following completion of the planned maintenance at the facility.
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