12 November 2008 14:00 [Source: ICIS news]
LONDON (ICIS news)--INEOS plans to combine the management of its European olefins and polyolefins businesses into a new combined entity called INEOS Olefins & Polymers Europe, the UK-based petrochemicals major said on Wednesday.
Effective 1 December the combined business would become INEOS’ largest business with 3,600 employees, 10 sites and a turnover of about €9bn ($11.3bn).
“Running both businesses as a single integrated unit will enable us to optimise our margin through the chain, which is essential if we are to meet our customers needs in current market conditions,” said Tom Crotty, who is set to take over as CEO of the combined business.
Crotty would also retain his position as chairman of INEOS ChlorVinyls and INEOS Fluor, the company said.
Bill Reid has been appointed business director of the new group and chairman of INEOS Phenol in addition to his position as chairman of INEOS ABS.
Rob Ingram will become procurement director, with Hans Niederberger taking the post of operations director for olefins, and Jeff Seed operations director for polymers.
Philip de Klerk was set to become CFO of the new business.
INEOS said the integrated business model would reflect current businesses such as INEOS O&P ?xml:namespace>
($1 = €0.80)
For more on INEOS visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections