INEOS completes deal for 51% of Lustran Polymers

02 October 2007 10:24  [Source: ICIS news]

LONDON (ICIS news)--INEOS has completed an agreement with Germany's Lanxess to acquire 51% of its acrylonitrile-butadiene-styrene (ABS) plastics business Lustran Polymers, the UK-based petrochemicals group said on Tuesday.

 

Lustran Polymers, renamed INEOS ABS, would be operated as a joint venture until INEOS acquires the remaining 49% in September 2009, said INEOS.

 

“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 INEOS ABS CEO Gerd Franken.

 

“The ABS business will also benefit from upstream integration with its key raw materials all manufactured by INEOS businesses,” he added.

 

INEOS ABS would be the world’s third largest and Europe’s leading supplier of ABS, generating €900m ($1.3bn) in sales, operating production facilities in Germany, Spain, Thailand, India and the US and employing 1,600 people, INEOS said in a statement.

 

($1 = €0.70)

 

ICIS Copyright © Reed Business Information 2009

Author: Mark Watts
+44 20 8652 3214

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.