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INEOS announces acquisition of Eastman Texas City Site

Published by , Editorial Assistant
Hydrocarbon Engineering,

INEOS has announced it has reached an agreement with Eastman Chemical Company to purchase the Eastman Texas City site, including the 600 000 t acetic acid plant and all associated third party activities on the site, for approximately US$500 million.

Eastman and INEOS have also entered into a Memorandum of Understanding (MoU) to explore options for a long-term supply agreement for vinyl acetate monomer.

David Brooks, CEO INEOS Acetyls, said: "We are delighted to announce this strategic acquisition which will help drive our global ambition for our acetyls business. The site is ideally placed to take advantage of competitively priced feedstocks which will help support the growth of our business and sustainable future of the site."

Erwin Dijkman, Division President, Chemical Intermediates, said: “We are happy to have reached this agreement with INEOS. They have been a strong partner with us at the Texas City site and have extensive experience and a complementary position in the acetyls space. Our Texas City Operations is an attractive site with an incredible team of people, and we are pleased that INEOS plans to further invest in and grow the site. We look forward to working closely with INEOS as we prepare for a seamless transition later this year, and longer-term as operators of our plasticiser business at the site.”

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