INEOS Oxide and LyondellBasell complete the sale of LYB’s Ethylene Oxide & Derivatives (EO&D) business and associated production facilities located in Bayport, Texas to INEOS.
Access to Cost-advantaged Feedstocks & Logistics Network
Tobias Hannemann, CEO of INEOS Oxide said, “
We are pleased to complete this strategic acquisition in the U.S. INEOS Oxide is a leading producer in Europe and this significant step expands our Ethylene Oxide & Derivatives business into the U.S, which is the world’s largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana.”
Hannemann continued, “
There is available land on the Bayport site for INEOS’ growth aspiration. It is an ideal location to develop our third-party business supporting customers to co-locate and integrate into an existing Ethylene Oxide & Derivatives platform. We look forward to incorporating the business, site and team of very professional and highly motivated people within the global INEOS group.”
The Bayport EO&D business produces high-purity ethylene oxide and associated derivatives. Access to cost-advantaged feedstocks and logistics networks contributes to its excellent performance and market reputation.
Peter Vanacker, CEO of LyondellBasell said, “
This divestiture of the EO&D business demonstrates progress against our company strategy and allows us to focus on further strengthening our core businesses. We are confident that the EO&D team will continue to thrive under new ownership and remain committed to collaborating closely with INEOS for a seamless transition.”
The closing of the transaction follows the completion of planned maintenance at the Bayport facility and satisfaction of regulatory and other customary closing conditions.
Source: INEOS