Ineos: Joint Venture with Lanxess
Following clearance by the European Commission, Ineos Group has successfully completed its agreement with Lanxess to establish a new joint venture through which it is to take over the operation of the Lanxess ABS plastics business, Lustran Polymers. As part of the first stage of this agreement Ineos acquires a 51 % majority share in the new business to be called Ineos ABS. the remaining 49 % share will be acquired by Ineos at the end of September 2009.
Ineos ABS will be the world’s third largest and Europe’s leading supplier of ABS plastics. It will employ 1,600 people and generate sales amounting to almost EUR 900 million from its assets in Dormagen, Germany; Tarragona, Spain; Map Ta Phut, Thailand; Vadodara, India, and Addyston, USA.
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