INEOS combines Europe olefins and polymers units

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 USA and INEOS ChlorVinyls by combining the upstream and downstream operations to maximise flexibility through the chain.  


($1 = €0.80)


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By: Mark Watts
+44 20 8652 3214

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