BP To Sell European Butyl And Isopropyl Acetates Business

20-Dec-2001
BP announced today that it has agreed to sell its European butyl acetates and isopropyl acetate business to INEOS Oxide Limited, a subsidiary of INEOS Group. The sale comprises BP?s n-butyl/isobutyl acetate plant co-located on INEOS Oxide?s Antwerp site, as well as customer lists and licence for BP?s proprietary butyl acetate and isopropyl acetate technology. Financial details of the deal are not disclosed. INEOS Oxide has operated the Antwerp plant on behalf of BP since 1995. David Smith, General Manager, BP Solvents said: "Reviewing the butyl and isopropyl acetates business following the start up of the new Avada ethyl acetate plant at Hull we concluded that the business was no longer core to BP. The sale to INEOS Oxide, who have been running the Antwerp plant for six years, will ensure minimal disruption to customers." The companies expect to complete the deal, subject to approval from regulatory authorities, early in 2002.

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