INEOS Olefins and Polymers USA has announced that it has agreed principle terms with Sasol Chemicals North America to acquire its 50% membership interest in Gemini HDPE for $404m. Gemini is a toll-manufacturer of bimodal high-density polyethylene products serving rapidly growing pipe and film markets.
Increased HDPE Market Share of INEOS Group
Gemini is operated by
INEOS and located within the INEOS Battleground Manufacturing Complex in La Porte, TX. The proposed acquisition is contingent on financing, is targeted to close by year-end, and would consolidate 100% of Gemini ownership and all marketing under INEOS.
This proposed acquisition would increase INEOS Group’s global HDPE market share and strengthen its ability to service the rapidly growing bimodal markets. INEOS’s global polymer businesses have production sites around the world, producing polymers with a wide range of downstream end-uses such as food packaging, automotive, pharmaceutical packaging, thermoforming, pressure pipe, blow molding, caps and closures, and film. INEOS O&P USA is part of INEOS Group, a petrochemical company.
Michael Nagle, CEO of INEOS O&P USA said, “
We are excited about the opportunity to acquire Sasol’s half of Gemini. This world-class asset is positioned to serve the growing global bimodal markets and would allow our business to meet increased demand from our customers.”
Source: INEOS