$500 Million! INEOS Announces Completion of Acquisition!

On December 1, INEOS announced that it had completed the acquisition of Eastman’s Texas City production base, 600,000-ton acetic acid plant and all related third-party businesses from Eastman Chemical Company. The parties also signed a memorandum of understanding to explore options for a long-term supply agreement for vinyl acetate monomer.

David Brooks, CEO of INEOS Acetyl, said: "We are delighted to have completed this strategic acquisition which will help drive the global growth ambitions of our acetyl business. Our focus now is on bringing the site, operations and employees together, and all current employees at Eastman's Texas City site have now been transferred to INEOS.”

Previously, INEOS licensed its leading Cativa® acetic acid technology to Eastman Chemical's Texas City production base for the production of acetic acid. Eastman's Texas City manufacturing site is ideally located to take advantage of competitively priced ingredients, which will help support our business growth and the sustainability of our manufacturing site.

Otherwise, the plasticizer unit at the site will continue to be owned by Eastman, but will now be operated and maintained by INEOS.