INEOS Phenol adds 1 MMt of production capacity as it acquires Mitsui Phenols Singapore Ltd for $330 MM
INEOS Phenol announced that it has agreed to acquire the entire asset base of Mitsui Phenols Singapore Ltd from Mitsui Chemicals, a leading Japanese chemicals manufacturer, for a total consideration of $330 MM.
The business has a turnover of $750 MM and produces over 1 MMt of product each year, including cumene (410,000 tpy), phenol (310,000 tpy), acetone (185,000 tpy) alpha-methylstyrene (20,000 tpy) and bisphenol A (150,000 tpy). The addition of the Jurong phenol and BPA assets provide a good fit with our existing asset portfolio and expertise of INEOS Phenol and presents significant integration opportunities with our manufacturing sites in Germany, Belgium and the United States.
Cumene is an essential raw material for the production of phenol, acetone, alpha-methyl styrene and BPA which are used in the production of polycarbonate, plastics, phenolic resins, synthetic fibers and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics, healthcare, surgical and fiber industries.
“We are very pleased to acquire the Singapore Phenols business on Jurong Island, from Mitsui Chemicals. INEOS Phenol is today the leading phenol producer in the world, adding production and supply capabilities in a prime location in Asia has been a long-term business objective and will help us to further serve our global customer base. This acquisition presents an excellent opportunity to further improve the competitiveness of our business,” said Hans Casier, CEO INEOS Phenol.
“These are good quality, well placed assets, complemented by a very experienced operations team and high safety, health and environmental standards. 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.
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 center based in Germany. The business produces just under 1.9 MMt of phenol and around 1.2 MMt of acetone annually. Demand for phenol and acetone continues to grow worldwide. Through selective investments in new assets and new technology, the business intends to further develop its business and grow with its customers.
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