Ineos Completes Mitsui Phenols Singapore Acquisition
Ineos Phenol announces the completion of its acquisition of the entire asset base of Mitsui Phenols Singapore from Mitsui Chemicals, a leading Japanese chemicals manufacturer, for a total consideration of $330 million.
The business has a turnover of $750 million and produces over 1 million tonnes of product each year, including cumene (410 kt/a), phenol (310 kt/a), acetone (185 kt/a) alpha-methylstyrene (20 kt/a) and bisphenol A (150 kt/a). 120 employees will now become part of Ineos Phenol.
Ineos Phenol stated that the addition of the Jurong phenol and BPA assets provide a good fit with its existing asset portfolio and expertise and presents significant integration opportunities with Ineos’ manufacturing sites in Germany, Belgium and the United States.
“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.
Phenol, acetone, alpha-methyl styrene and BPA are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibres and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics, healthcare, surgical and fibre industries.
Ineos Phenol is the largest producer of phenol and acetone with operating assets in Germany, Belgium and USA all supported by a dedicated research and technology centre based in Germany.
Author: Dede Williams, Freelance Journalist
