Ineos Enterprises has entered  into a binding agreement to buy the chemical intermediates business of Flint Hills Resources, a wholly owned subsidiary of Koch Industries, said to be one of the largest privately owned companies in the US. Financial terms were not disclosed.

The business comprises facilities located near Chicago, Illinois, for producing isophthalic acid (PIA), trimellitic anhydride (TMA) and maleic anhydride (MAN).  The intermediates made at the site are distributed worldwide and used in a diverse range of end-use applications such as coatings, clothing, paints and gasoline additives.

Flint Hills also has offices and distribution operations at various locations in the US, Europe and Asia. Its workforce of around 260 people will transfer to Ineos Enterprises following completion of the deal, which is expected by the end of 2018, subject to regulatory approval.

Ashley Reed, CEO of Ineos Enterprises, said the chemicals intermediates business fits well with Ineos’s portfolio, adding that the UK-based group has a track record of acquiring businesses that are no longer core to their previous owners.