INNEX acquires Mitsui Singapore Phenol for $330 million

On August 26, INNEX announced that it will acquire all of the assets of Mitsui Phenol Ltd. in Jurong Island, Singapore from Mitsui Chemicals, a leading Japanese chemical manufacturer, for a total consideration of $330 million. The transaction is subject to regulatory approvals and is currently expected to close in the first quarter of 2023.

Acquisition could add nearly one million tons of capacity

The Jurong Island, Singapore-based business has a turnover of $750 million and produces more than 1 million tons of products per year, including isopropylbenzene (410,000 tons/year), phenol (310,000 tons/year), acetone (185,000 tons/year), alpha-methylstyrene (20,000 tons/year) and bisphenol A (150,000 tons/year).

The addition of JURONG's phenol and BPA assets fits well with the existing portfolio of Inglis' assets and provides significant integration opportunities for Inglis' manufacturing sites in Germany, Belgium and the US.

Entering the Asian market with this acquisition gives Inglis Phenol a unique ability to support our global customers' future growth plans, and we look forward to developing new markets and customer relationships related to BPA, which will be a new product for Inglis," said Gordon Adams, business director of Inglis Phenol.

INNEX Increases Investment in Asia

On July 28th, Sinopec and the Inglis Group signed a series of cooperation agreements, which include Sinopec's transfer of a 50% stake in Shanghai SECCO Petrochemicals Limited Liability Company and the transfer of Shanghai SECCO to be jointly operated by both Sinopec and INLEX.

Sinopec will acquire 50% equity interest in Innolux Benelux High-Tech Materials (Ningbo) Co., Ltd. and both parties will build 2 sets of new 300,000 tons/year ABS resin capacity to jointly develop the domestic ABS products market.

The two parties will establish a joint venture company in Tianjin to build a new 500,000 tons/year HDPE project on a 50%:50% equity ratio; the two parties will also build at least two sets of 500,000 tons/year HDPE plants using Innlex technology to meet the demand for high-end HDPE products in the domestic market.