Ineos Group has acquired the aromatics business of Axiall Corp. for $62.9 million.
The deal includes phenol and cumene, which are used as feedstocks for plastics and related products. Ineos — based in Rolle, Switzerland — made the deal through its Ineos Americas LLC unit.
Axiall's cumene plant in Pasadena, Texas, is included in the deal. Production of phenol and other materials will be moved to an Ineos plant in Mobile, Ala. The cumene plant employs 43 and has annual production capacity of almost 2 billion pounds.
Cumene is used to make phenol and acetone, which then are used in the production of polycarbonate, phenolics, solvents and nylon and other synthetic fibers for numerous markets including automotive and construction.
The deal and related asset moves “presents an excellent opportunity to further improve our competitiveness,” Ineos Phenol CEO Hans Casier said in an Oct. 1 news release.
Atlanta-based Axiall ranks as one of North America's largest producers of PVC resins, compounds and construction products. Ineos produces a wide range of plastics and petrochemicals.