INEOS has acquired BP’s global aromatics and acetyls business for a consideration of US$5 billion.

The acquisition consists of five sites in the Americas, two in Europe and eight in Asia, as well as 10 leading joint ventures

’We are delighted to have been able to acquire these top-class businesses from BP, extending our position in global petrochemicals and providing good scope for expansion and integration with our existing business,’ said Sir Jim Ratcliffe, founder and chairman of INEOS. ‘I am very pleased that we have been able to complete the acquisition, which is a logical development of our existing petrochemicals business extending our interest in acetyls and adding a world leading aromatics business supporting the global polyester industry.

INEOS Aromatics makes purified terephthalic acid (PTA) and paraxylene (PX) technology and supplies the global polyester business which includes polyester fiber, film and polyethylene terephthalate (PET) packaging, while INEOS Acetyls produces acetic acid and a range of derivatives for industries such as food, pharmaceuticals, paints, adhesives and packaging.

This story uses material from INEOS, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.