INEOS Enterprises has completed its acquisition of the full shareholding in IACC (INEOS Asiatic Chemical Company Limited) in Bangpoo, Thailand. This means that the former joint venture is now wholly INEOS owned.
The deal was first announced in February 2008, under which INEOS Enterprises has now secured the remaining 40% shareholding in IACC held by The East Asiatic (Thailand) Public Company Limited.
IACC has been manufacturing CERECLORTM chlorinated paraffins at the Bangpoo site since 1988, and since that time has extended it product range to include hydraulic fluids and automotive coolants for sale across the Region. The business had a turnover in excess of €9 million in 2007.
Comments Harry Deans, CEO INEOS Enterprises: “We are very pleased to have completed this acquisition, which clears the way for us to accelerate the growth of this business in the Thailand and Southeast Asia markets. We have begun the process of fully integrating the business into our wider portfolio, and are already making good progress to de-bottleneck the chlorinated paraffin plant with a view to increasing output by at least fifty percent by the end of quarter three this year.”
For further information please contact:
Craig Welsh, INEOS Enterprises Press Office
Phone: 01928 511528
E-mail: craig.welsh@ineoschlor.com
Notes to editors:
INEOS Enterprises consists of a group of eight businesses, each a leader in its area of activity. The Company is focussed on the developing needs of customers and rapid growth through investment in new products and manufacturing facilities or by acquisition. The INEOS Enterprises spirit is entrepreneurial and the Company is always seeking to invest in new market opportunities.