Phenol and acetone producer INEOS Phenol has agreed to acquire the entire asset base of Mitsui Phenols Singapore from Mitsui Chemicals, a leading Japanese chemicals manufacturer, for a total consideration of $330 million (€330 million). The business has a turnover of $750 million and employs 120 people, that will transfer to INEOS Phenol, on completion expected during Q1 next year.
The move will allow INEOS Phenol to increase its production capacity by 1 million tonnes each year, including cumene (410 ktpa), phenol (310 ktpa), acetone (185 ktpa), alpha-methylstyrene (20 ktpa) and bisphenol A (150 ktpa). Increased capacity and the abse in Singapore, Asia, will allow INEOS Phenol to better service their global customer base, as well as opening up to the Asian market.
‘We are very pleased to acquire the Singapore Phenols business on Jurong Island, from Mitsui Chemicals,’ says Hans Casier, CEO INEOS Phenol. ‘INEOS Phenol is today the leading phenol producer in the world, adding production and supply capabilities in a prime location in Asia has been a long-term business objective and will help us to further serve our global customer base. This acquisition presents an excellent opportunity to further improve the competitiveness of our business.’
