Ineos to Sell Styrenics Business to Synthos
Ineos Enterprises, Rolle, Switzerland, has reached an agreement in principle, to sell Ineos Styrenics, its Expandable Polystyrene Business (EPS), to Synthos S.A., Oświęcim, Poland, for EUR 80m.
Ineos Styrenics produces high quality Expandable Polystyrene (EPS) for the building, construction and packaging industries at manufacturing sites at Wingles and Ribécourt in Northern France and Breda in the Netherlands. The three production sites are supported by its technology center in Breda, which is a purpose-built research, development and product testing facility, including a research laboratory and pilot plant facilities. Customer Service, Logistics and Finance groups are also located in Breda. The business employs approx. 250 people who will transfer as part of this deal.
The agreement to sell the business to Synthos S.A. represents an important step in the ongoing development of the EPS business. Synthos S.A. is one of the largest manufacturers of chemical raw materials in Poland. The company was the first European manufacturer of emulsion rubbers and is a leading manufacturer of polystyrene for foaming applications. Completion of the transaction is likely to occur in the second half of 2016, subject to customary regulatory approvals.
INEOS Group AG
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