INEOS completes joint venture with LANXESS to operate the ABS plastics business
Following clearance by the European Commission, INEOS Group has successfully completed its agreement with LANXESS to establish a new Joint Venture through which it is to take over the operation of the LANXESS ABS plastics business, Lustran polymers. As part of the first stage of this agreement INEOS acquires a 51 percent majority share in the new business, to be called INEOS ABS. The remaining 49 percent share will be acquired by INEOS at the end of September 2009.
"INEOS ABS will be a reliable, long-term partner of the industry, bringing with it a strong portfolio of leading products, that complement our styrenic, polyethylene, polypropylene and PVC plastics activities," said Gerd Franken, CEO INEOS ABS. "This is a significant extension to the INEOS group of businesses and the markets they serve. The ABS business will also benefit from upstream integration with its key raw materials all manufactured by INEOS businesses."
According to the company INEOS ABS will be the world's third largest and Europe's leading supplier of ABS plastics. It will employ 1600 people and generate sales amounting to almost EUR900m ($1.2 billion) from its assets in Dormagen (Germany); Tarragona (Spain); Map Ta Phut (Thailand); Vadodara (India) and Addyston (USA).
The completion of the Indian transaction is still subject to local regulatory approval.
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