announced its intention to purchase the global Aromatics and Acetyls businesses of BP for a consideration of $5 billion – $4 billion will be payable upon completion with the remaining $1 billion deferred until, at the latest, June 2021.
This acquisition will extend both the portfolio and the geographic reach of the business.
The Aromatics business is a global leader in PTA (Purified Terephthalic Acid) and PX (Paraxylene) technology with six sites and supplies the global polyester business which includes polyester fiber, film and PET packaging.
The Acetyls business with nine sites produces acetic acid and a range of derivatives supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.
“This acquisition is a logical development of our existing petrochemicals business extending our interest in acetyls and adding a world-leading aromatics business supporting the global polyester industry," said Jim Ratcliffe, founder and chairman of INEOS.