Ineos acquires BP aromatic acetyl business

Recently, Ineos announced that the company has completed the acquisition of BP's global aromatics and acetyl business for US$5 billion.

Ineos is one of the world's leading petrochemical companies. This acquisition expands Ineos' business scope and geographic location. After the acquisition is completed, these businesses will be called Ineos Acetyl and Ineos Aromatics. The acquisition includes 15 factories worldwide (5 in the Americas, 2 in Europe and 8 in Asia) and 10 joint ventures. Ineos aromatics business now has 6 production bases and includes a global polyester business that provides polyester fiber, film and PET packaging products. Ineos acetyl business now has 9 production bases, producing derivatives such as acetic acid and acetic anhydride, providing a wide range of services for downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.

On June 29, 2020, the oil giant British Petroleum (BP) announced the sale of its global chemical business to Ineos for US$5 billion. BP said that the sale is a strategic move to further reshape BP, which will further optimize BP's balance sheet and achieve its asset divestiture target one year earlier than originally planned.