Ineos Prepares Grangemouth for Investors

By demolishing no longer needed buildings in a controlled explosion process, Ineos has cleared space for a new £20 million headquarters building at its Grangemouth petrochemical complex in Scotland.

The clearance at the site which saw a protracted industrial dispute in 2013 is also said to be in preparation for future investment by outside investors.

Jim Ratcliffe, chairman of the Swiss-based holding, has hinted also that Ineos will move some corporate functions back to the UK, underscoring its confidence that, thanks in particular to shale gas, manufacturing now has a brighter future.

The Scottish site “is undergoing a radical transformation with significant investment that will herald a new era in petrochemical manufacturing,” said John McNally, CEO of Ineos Olefins and Polymers. This will be part of its £450 million “survival plan” announced two years ago, he added.

The UK executive said Ineos has a “clear strategic view of the future, where Grangemouth is a growing center of excellence, attracting new investment, creating new jobs and providing Scotland with the raw materials that it needs to support its manufacturing sector."

Following settlement of the labor conflict two years ago, Ineos said it planned to open up Grangemouth to other companies. Businesses locating at the site would benefit from the raw materials, existing power, steam, logistics and other infrastructure provided by Ineos, McNally said.