Ineos completes acquisition of LyondellBasell's ethylene oxide and derivatives business

INEOS Oxide and LyondellBasell (LYB) have completed the sale of LYB's ethylene oxide and derivatives (EO&D) business and related production facilities in Bayport, Texas, to INEOS.

Tobias Hannemann, CEO of INEOS Oxide said:"We are pleased to have completed this strategic acquisition of INEOS Oxide, a leading European producer, in the United States, an important step that expands our ethylene oxide and derivatives business into the United States, the world's largest market. It also complements our existing ethanolamine production facility in Plaquemines, Louisiana."

"There is land available at the Bayport site to meet INEOS's development aspirations. It is an ideal location to grow our third-party business, supporting customer co-location and integration into existing ethylene oxide and derivatives platforms. We look forward to integrating the business, factory and team of very professional and motivated people into the global INEOS Group."

The Bayport EO&D business produces high-purity ethylene oxide and related derivatives. Access to cost-effective raw materials and logistics networks contributes to its superior performance and market reputation.

Peter Vanacker, CEO of LyondellBasell, said:"This divestiture of the EO&D business represents progress in our corporate strategy and allows us to focus on further strengthening our core business. We are confident that the EO&D team will continue to thrive under new ownership and remain committed to working closely with INEOS to achieve a seamless transition. "

The transaction closes upon completion of planned maintenance at the Bayport facility and satisfaction of regulatory and other customary closing conditions.