INEOS acquires Mitsui Chemicals assets in Singapore for US$330 million

INEOS Phenol has agreed to acquire the entire asset base of Mitsui Phenols Singapore Ltd from Mitsui Chemicals for US$330 million adding 1 million tonnes of production capacity.

In a press statement, INEOS said that Mitsui’s Singapore business has a turnover of $750 million and produces over 1 million tonnes of product each year, including cumene (410 ktpa), phenol (310 ktpa), acetone (185 ktpa) alpha-methylstyrene (20 ktpa) and bisphenol A (150 ktpa).

The deal is subject to regulatory approval and is currently set to be completed in Q1 2023.

“We are very pleased to acquire the Singapore Phenols business on Jurong Island, from Mitsui Chemicals. INEOS Phenol is today the leading phenol producer in the world, adding production and supply capabilities in a prime location in Asia has been a long-term business objective and will help us to further serve our global customer base. This acquisition presents an excellent opportunity to further improve the competitiveness of our business,” said Hans Casier, CEO INEOS Phenol. 

According to INEOS, the addition of the Jurong phenol and BPA assets provide a good fit with our existing asset portfolio and expertise of INEOS Phenol and presents significant integration opportunities with our manufacturing sites in Germany, Belgium and the United States.

“Entering the Asian market via this acquisition gives INEOS Phenol a unique capability to support our global customers’ plans for future growth whilst at the same time we look forward to developing new markets and customer relationships associated with bisphenol A which will be a new product for INEOS” said Gordon Adams, Business Director INEOS Phenol.