INEOS, one of the world’s largest manufacturing companies, has today completed the purchase of the global Aromatics and Acetyls businesses from BP for a consideration of $5 billion.

INEOS is already one of the world’s leading petrochemical companies and this acquisition will extend both the portfolio and the geographic reach of the business. The businesses will be known as INEOS Acetyls and INEOS Aromatics.

INEOS Aromatics is a global leader in PTA (Purified Terephthalic Acid) and PX (Paraxylene) technology with 6 sites and supplies the global polyester business which includes polyester fibre, film and PET packaging.

INEOS Acetyls produces acetic acid and a range of derivatives from its 9 sites, supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.

 “I am very pleased that we have been able to complete the acquisition, which is a logical development of our existing petrochemicals business extending our interest in acetyls and adding a world leading aromatics business supporting the global polyester industry,” Sir Jim Ratcliffe, founder and chairman of INEOS added.