02 February 2010 17:01 [Source: ICIS news]
(Adds quotes and details of acquisition throughout the article)
INEOS said it would sell the €300m ($417m) turnover business in order to focus its attention on its large-scale petrochemicals businesses.
“The agreement presents a unique opportunity to bring together the world’s largest supplier of fluorspar, with our own world-leading fluorochemical production assets, customer base and research capabilities,” said David Price, CEO of INEOS Fluor.
“Whilst performing well, the fluorochemicals business no longer fits within the INEOS Group portfolio as it focuses its attention on its large-scale petrochemicals businesses,” Price added.
INEOS said the deal would comprise the business and assets related to its fluorochemical operations in North America, Europe and Asia, and added that it expected the combined businesses to become a global producer of speciality fluorochemicals with annual sales revenue of more than $500m.
Ricardo Gutierrez Munoz, CEO of Mexichem, said: “This agreement is a major step forward in the development and growth of Mexichem. Acquiring INEOS’ Fluorochemicals business reflects our ongoing strategy to add value to our main raw materials through vertical integration in more added value products, expanding our product range and extending the global reach of our fluorine products business.”
The sale was expected to be completed at the end of March, subject to necessary regulatory filings and approvals, INEOS said.
Mexichem Fluor is a subsidiary of Mexichem, a major Latin American producer of PVC pipes and resin, chlor-alkali and hydrofluoric acid.
INEOS Fluor was the first company to commercially produce a replacement for the widely used ozone-depleting refrigeration agents chlorinated fluorocarbons (CFCs). Its first plant to produce the alternatives came on stream in 1990.
($1 = €0.72)
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