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INEOS completes purchase of Hydro Polymers from Norsk Hydro
13
Feb '08
Following clearance by the European Commission, INEOS Capital has successfully completed the purchase of the Hydro Polymers businesses in Norway, Sweden and the United Kingdom from Norsk Hydro ASA.

The acquisition also includes the remaining 50% interest in the Noretyl ethylene cracker at Rafnes, following the acquisition by INEOS Group in 2007 of the 50% share held by Borealis.

The newly acquired chlor-alkali, PVC and compounds businesses have excellent synergies with INEOS's existing portfolio and will now be integrated into the INEOS ChlorVinyls and INEOS Films & Compounds businesses.

"This investment enhances our operational efficiencies and over time will substantially improve our position across the chlor-vinyls and compounds businesses," said Jim Ratcliffe, Chairman of INEOS. "The acquisition is highly compatible with our existing businesses and brings with it well placed assets, complemented by an experienced operations team and high safety, health and environmental standards."

Comments Chris Tane, CEO INEOS ChlorVinyls: "We are pleased to have completed this acquisition, which represents a major step forward for our chlor-vinyls business and makes us the clear market leader in Europe."

Renato Cipollini, CEO INEOS Films & Compounds, added: "This is an important acquisition that supports the ongoing development of our Compounds business in Europe. Bringing these new facilities into the INEOS Films & Compounds business will help us extend our expertise and meet the growing needs of our customers across a broad range of markets."

INEOS is the world's third largest chemicals company with sales approaching $45 billion. A leading global manufacturer of petrochemicals, specialty chemicals and oil products, the Company comprises 19 businesses each with a major chemical company heritage.

Following this acquisition, INEOS now has 16,600 employees worldwide and its production network spans 76 manufacturing facilities in 20 countries.

INEOS

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