The company was formed in 1998 to implement a management buyout of the former BP petrochemicals assets in Antwerp, Belgium. Several of its divisions formerly belonged to BP, and others that have been divested by large companies such as Amoco, BASF, ICI, Dow Chemical, Solvay, UCB, Bayer.
About Ineos in brief
Ineos is one of the largest chemical companies in the world by revenue, with USD 83 billion in annual sales. The company was formed in 1998 to implement a management buyout of the former BP petrochemicals assets in Antwerp, Belgium. The name Ineos is derived from Inspec Ethylene Oxide Specialities, a previous name of the business. Several of its divisions formerly belonged to BP, and others that have been divested by large companies such as Amoco, BASF, ICI, Dow Chemical, Solvay, UCB, Bayer, Borealis, Enichem, Monsanto, Norsk Hydro, Bayer and Lanxess. In October 2005, Innovene, BP’s olefins and derivatives and refining subsidiary, agreed to be bought for an estimated USD 9 billion. In March 2010 Ineo paid €35 million in a tranche for its first commercial drug development programme for acrylonitrile butadiene styrene, located in Tarragona, Spain. In May 2011, Ineeos and BASF combined their styrene businesses to form another 50: 50 partnership, Styrolution. In June 2011, the largest of these, Petroineos, was completed. It combines Inovene’s refining interests at Grangemouth, Scotland, and at Lavéra near Martigues, France, with PetroChina’s access to upstream raw materials.
In July 2011, The company announced a joint venture withSolvay bringing together their European polyvinyl chloride businesses. It is a 50:50 joint venture between IneOS and PetroChina. In August 2012, the company announced that it had completed a deal to buy French styrene production company Bouque d’Orléans for $1.2 billion. The deal was completed on December 14, which was roughly quadrupled Ineas’s turnover of around USD 8 billion in 2005, which had previously been around $8 billion. It was the first of a series of strategic joint ventures between the two companies. In November 2012, Inoavene announced a $1 billion deal with German chemical giant BASF to combine its styrene and polyethylene production activities in the United States and Europe. In December 2013, the firm announced a deal with French chemical company Bouche d’Orléan to combine their styrenes and polyester production in the U.S. and France. In January 2014, Inoovene announced it had reached an agreement to buy German company Bouce d’orléan for £1.1 billion. This was the second of a number of strategic deals between the companies, the first being the £1 billion purchase of Bouched’orléans in March 2013.