European polymers producer Ineos Group, fresh from announcing its purchase of the PVC business of Norsk Hydro ASA, now has agreed to buy the petrochemicals business of Borealis A/S in Norway.
The 290 million-euro ($388 million) deal will see Ineos of Lyndhurst take over Borealis' 386 million-pound-per-year polypropylene and 309 million-pound-per-year low density polyethylene units at Bamble, Norway, along with its 50 percent stake in the Noretyl gas cracker at Rafnes, which Lyngby, Denmark-based Borealis owns with Norsk Hydro.
Ineos already is acquiring the other 50 percent of the Noretyl plant under its Norsk Hydro deal. The cracker supplies ethylene and propylene to the Bamble site.
The acquisitions complement Ineos' existing olefin and polyolefin portfolios and technology and improve key feedstock integration, Ineos Chairman Jim Ratcliffe said in a news release. ``Bringing together these two deals is perfectly timed and provides a significant step forward in the development of Ineos,'' he added.