(Edited from: company website)
The main objective for INEOS is to 'continue growing in profitability and cash flows' through leveraging its existing resources to expand sales, cost savings and an increase focus on high and stable margin speciality products. The acquisition of Innovene is said to fit in with INEOS's strategy to grow its petrochemical business. It is believed that the Innovene acquisition will turn INEOS into a $30bn company and give it the capacity to integrate further and grow more strongly.
INEOS's stated core values are similar to those of Innovene:
To run a safe, environmentally-sound and ethical business;
To promote continuous improvement and innovation;
To be a performance driven organisation, supported by individual accountability;
To be the supplier of choice to targeted customers;
To support the principles of diversity and inclusion in the workplace;
To provide a rewarding environment that develops and prepares employees for the future; and
To enhance current processes and to incorporate the best practices.
Its continuing core strengths include:
High-quality and low-cost production facilities;
Large plants that benefit from economies of scale;
Leading market positions;
Significant focus on specialty chemicals; and
Operating diversity - products, customers, geographic regions, applications and end-use markets.
The company will continue to move forward through its management philosophy of operating a simple and decentralised organisational structure. Its main challenge will be to get all parts of its business to run in line with each other. The company states that it will focus on making Innovene part of the INEOS group first and then in due course it will continue to look for avenues to grow.
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Financial highlights: INEOS, year ended 31 December
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INEOS is a global manufacturer of petrochemicals and polymers, specialty chemicals and oil products. INEOS was formed by a management buy out of the former BP petrochemicals assets in Antwerp from Inspec in 1998 and has grown through a series of related acquisitions.
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