INEOS agrees joint venture with LANXESS to operate the ABS plastics business.
INEOS Group announced that it has agreed to set up a Joint Venture with LANXESS through which it is to take over the operation of the LANXESS ABS plastics business, Lustran polymers. On completion of the first stage INEOS will pay LANXESS EUR35m for a 51 percent majority share in a new business that is to be called INEOS ABS.
As part of the agreement INEOS will then acquire the remaining 49 percent share in the new company, two years after the first stage of the deal closes, for a price based on the performance of the business in the two year period.
"The joint venture provides INEOS with strong market positions in a new portfolio of products, that complement our styrenic, polyethylene, polypropylene and PVC plastics activities," said Jim Ratcliffe, Chairman of INEOS. "There is also a good fit with a number of our existing businesses and the JV will benefit from upstream integration into key raw materials."
The acquisition is being made by INEOS Group Limited and is conditional on approval from the relevant antitrust authorities. The transaction is expected to close at the end of September 2007.
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