INEOS Oxide has penned a purchase deal with LyondellBasell for the acquisition of its Ethylene unit
INEOS Oxide has marked the completion of the purchasing deal signed with LyondellBasell for LYB’s Ethylene oxide and Derivatives division. It also comprises the Bayport (Texas) based allied production facilities.
The Bayport EO&D business is known for its production of high-purity ethylene oxide and its derivatives. The availability of cost-effective feedstocks and strong logistics networks enhances its performance and reputation in the market.
INEOS Oxide and LyondellBasell have expressed their elation for the deal
Tobias Hannemann, CEO of INEOS Oxide, shared his enthusiasm for the recent strategic acquisition in the U.S., noting that it not only expands their Ethylene Oxide & Derivatives (EO&D) business into the largest market in the world but also complements their existing operations in Louisiana. He mentioned that the Bayport site offers additional land for future growth and is ideal for developing third-party business by supporting customers who wish to co-locate and integrate into an existing platform. Hannemann looks forward to integrating the Bayport business, site, and its professional team into the global INEOS group.
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Peter Vanacker, CEO of LyondellBasell, commented on the divestiture of the EO&D business as a move that aligns with their company strategy and allows them to concentrate on strengthening their core operations. He expressed confidence in the EO&D team's future success under INEOS's ownership and committed to a close collaboration to ensure a smooth transition. The transaction was finalized following the completion of planned maintenance at the Bayport facility and after meeting regulatory and other standard closing conditions.
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