Ineos to Sell Fluorochemicals Business to Mexichem

Ineos Group has agreed terms for the sale of its fluorochemicals business to Mexichem Fluor, a subsidiary of Mexichem S.A. de C.V. The deal comprises the international business and assets related to Ineos' fluorochemical operations located in North America, Europe, and Asia. It is expected that on completion of the transaction, the business will become an integrated, global producer of speciality fluorochemicals with worldwide presence and annual sales revenue of over $500 million. Ineos Fluor CEO David Price said the fluorochemicals business no longer fits in with the company's group portfolio, which has been more and more focused on its large-scale petrochemicals businesses.

The sale is expected to be completed at the end of March, subject to necessary regulatory filings and approvals, including bank consent and approvals under applicable antitrust laws and regulations.