LyondellBasell has sold its Ethylene Oxide & Derivatives (EO&D) business and associated production facilities located in Bayport, Texas to INEOS Oxide.
Tobias Hannemann, CEO of INEOS Oxide says: ‘We are pleased to complete this strategic acquisition in the US. INEOS Oxide is a leading producer in Europe and this significant step expands our Ethylene Oxide & Derivatives business into the U.S, which is the world’s largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana.’
The Bayport EO&D business produces high-purity ethylene oxide and associated derivatives. Access to cost-advantaged feedstocks and logistics networks contributes to its excellent performance and market reputation.
‘There is available land on the Bayport site for INEOS’ growth aspiration. It is an ideal location to develop our third-party business supporting customers to co-locate and integrate into an existing Ethylene Oxide & Derivatives platform. We look forward to incorporating the business, site and team of very professional and highly motivated people within the global INEOS group,’ Hannemann adds.
Peter Vanacker, CEO of LyondellBasell comments: ‘This divestiture of the EO&D business demonstrates progress against our company strategy and allows us to focus on further strengthening our core businesses. We are confident that the EO&D team will continue to thrive under new ownership and remain committed to collaborating closely with INEOS for a seamless transition.’
The closing of the transaction follows the completion of planned maintenance at the Bayport facility and satisfaction of regulatory and other customary closing conditions.
