 "Ineos sells expandable polystyrene business to Synthos for Euro 80 mn")
Ineos Enterprises on May 6, 2016 reached an agreement to sell Ineos Styrenics, its expandable polystyrene (EPS) business, to Synthos SA for Euro 80 million.
Ineos Styrenics produces high quality expandable polystyrene for the building, construction and packaging industries at manufacturing sites at Wingles and Ribecourt in Northern France and Breda in the Netherlands. The three production sites are supported by its technology Centre in Breda, which is a purpose-built research, development and product testing facility, including a research laboratory and pilot plant facilities.
“The combination of Ineos Styrenics with Synthos will accelerate growth and deliver additional benefits to customers of both companies, giving them access to expanded technologies and an enhanced product portfolio. It will also offer new opportunities for employees who will be part of a company that is focussed on, and strategically committed to the long term future of the expanded polystyrene market,” said Ashley Reed, CEO of Ineos Enterprises.
The agreement to sell the business to Synthos represents an important step in the ongoing development of the EPS business. Synthos is one of the largest manufacturers of chemical raw materials in Poland. The company was the first European manufacturer of emulsion rubbers and is a leading manufacturer of polystyrene for foaming applications.
“The aim of the acquisition will be to provide the highest quality EPS to ensure that expandable polystyrene products remain the insulation material of choice for our customers,” said Tomasz Kalwat, CEO of Synthos.
Ineos Styrenics produces high quality expandable polystyrene for the building, construction and packaging industries at manufacturing sites at Wingles and Ribecourt in Northern France and Breda in the Netherlands. The three production sites are supported by its technology Centre in Breda, which is a purpose-built research, development and product testing facility, including a research laboratory and pilot plant facilities.
“The combination of Ineos Styrenics with Synthos will accelerate growth and deliver additional benefits to customers of both companies, giving them access to expanded technologies and an enhanced product portfolio. It will also offer new opportunities for employees who will be part of a company that is focussed on, and strategically committed to the long term future of the expanded polystyrene market,” said Ashley Reed, CEO of Ineos Enterprises.
The agreement to sell the business to Synthos represents an important step in the ongoing development of the EPS business. Synthos is one of the largest manufacturers of chemical raw materials in Poland. The company was the first European manufacturer of emulsion rubbers and is a leading manufacturer of polystyrene for foaming applications.
“The aim of the acquisition will be to provide the highest quality EPS to ensure that expandable polystyrene products remain the insulation material of choice for our customers,” said Tomasz Kalwat, CEO of Synthos.
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