London: In a recent announcement, INEOS revealed that its subsidiary, INEOS Phenol, has successfully acquired all assets of Mitsui Phenols Singapore Ltd from Mitsui Chemicals for a total of $330 million. The acquisition includes a business with an impressive turnover of $750 million and an annual production capacity of over 1 million metric tons of products such as Cumene, Phenol, Acetone, Alpha-Methylstyrene, and Bisphenol A. As a result of the acquisition, 120 employees will transfer to INEOS Phenol.

According to INEOS Phenol, the acquisition of the Jurong Phenol and BPA assets is a great complement to their current asset portfolio and expertise. The company believes that this addition opens significant integration possibilities with INEOS' manufacturing facilities located in Belgium, Germany, and the United States.

INEOS Phenol has acquired a foothold in the Asian market, which will help the company cater to the growth plans of its global customers. The acquisition also provides an opportunity to explore new markets and customer relationships related to Bisphenol A, a new INEOS product. INEOS Phenol's range of products, namely Phenol, Acetone, Alpha-Methylstyrene, and BPA, are crucial in the production of a diverse range of applications such as polycarbonate, plastics, Phenolic resins, synthetic fibers, and solvents. These products find usage across various end markets that include the automotive, construction, electronics, healthcare, surgical, and fiber industries.

INEOS Phenol holds the position of being the top producer of Phenol and Acetone globally, with operational assets in Germany, Belgium and the USA, underpinned by a committed research and technology center situated in Germany.