INEOS Capital announced today the acquisition of Cytecs Surface Specialties Amino Resins business. The business comprises manufacturing facilities at Frankfurt, Germany and Indian Orchard, Massachusetts, USA, producing melamine based specialties for the coating, tyre and woodworking industries.
The business employs 160 people globally. During 2004 the business generated sales of ca EUR 130 million.
Completion of the transaction awaits approval by the competition authorities in the US and Europe.
"This business meets our acquisition criteria having excellent people, assets and market positions and the heritage of a major chemical company. Furthermore, the business offers genuine synergies with INEOS Paraform, also located close to Frankfurt, in the formaldehyde and derivatives field", according to INEOS CEO and Chairman, Jim Ratcliffe.
To the editors:
INEOS is a rapidly growing global manufacturer of speciality and intermediate chemicals and polymers. It comprises seven businesses each with a major chemical company heritage, and its production network includes 44 manufacturing facilities in 14 countries throughout the world. In 2004, INEOS had approximately 7000 employees and sales of more than $7 billion.
For further information please contact:
Andy Currie
Director
INEOS Capital Ltd
Ph: +44 (0)23 8028 7061
Fx: +44 (0)23 8028 7069
Frank Lerch
CEO
INEOS Paraform GmbH
Ph: +49 (0)61 31 621 111
Fx: +49 (0)61 31 621 189
INEOS acquires Cytecs Surface Specialties Amino Resins Business
