INEOS acquires Mitsui Phenol

On August 26, INEOS announced that the company will acquire all the assets of Mitsui Phenol Co., Ltd., located in Jurong Island, Singapore, from Mitsui Chemicals for a total price of US$330 million. The transaction is subject to regulatory approval and is currently expected to close in the first quarter of 2023.

It is reported that Mitsui Phenol has an annual turnover of US$750 million and produces more than 1 million tons of products per year, including cumene (410,000 tons/year), phenol (310,000 tons/year), and acetone (185,000 tons/year) , α-methylstyrene (20,000 tons/year) and bisphenol A (150,000 tons/year). According to INEOS, the addition of phenol and bisphenol A production capacity in Singapore fits well with INEOS' existing asset portfolio and provides significant integration opportunities for INEOS' production sites in Germany, Belgium and the United States.

Gordon Adams, business director of INEOS Phenol, said that through this acquisition, INEOS will support the future growth plans of global customers in the phenol market. The company is also looking forward to developing new markets and customer relationships related to BPA.