On December 8, 2023, LyondellBasell (LYB) announced that it had reached a deal with INEOS Oxide (INEOS) to sell its Ethylene Oxide and Derivatives (EO&D) business and the production facility situated in Bayport, Texas.
The Ethylene Oxide and Derivatives business in Bayport produces high-grade ethylene oxide and a variety of derivatives. The platform is completely integrated, has access to cost-effective feedstocks and logistical networks, is well-known, and performs exceptionally well in the market.
The transaction is valued at $700 million. The deal, which is subject to regulatory and other normal closing conditions, is expected to occur in the second quarter of 2024, following the completion of planned maintenance at the facility.
Tobias Hannemann, CEO of INEOS Oxide, said, "We are pleased to announce this strategic acquisition. INEOS is a leading producer in Europe, and this significant step expands its Ethylene Oxide and Derivatives business into the US, which is the world's largest market. It also complements our existing ethanolamine production facility in Plaquemine, Louisiana."
"This transaction is evidence of our disciplined focus on value creation through the execution of a key pillar of our strategy: growing and upgrading our core," said Peter Vanacker, LyondellBasell CEO.
Source: LyondellBasell Industries
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