Ineos Enterprises has agreed to sell its expanded polystyrene business to Synthos SA, the Poland-based chemical company, for 80 million euros ($91.4 million).
Operating from three sites, two in France —in Wingles and Ribécourt — and one in Breda, the Netherlands, Ineos Styrenics produces EPS for the construction and packaging sectors. It is Europe's largest manufacturer of the material. Breda also has a research and development office.
A total of 250 people work for the business and will transfer over to the new owners as part of the deal, which is expected to be complete in the second half of 2016, once regulatory approvals have been received, according to a news release from Ineos.
Ashley Reed, Ineos Enterprises' chief executive, said: “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 focused on, and strategically committed to the long term future of the expanded polystyrene market.”
Synthos is the third largest maker of EPS in Europe, and one of the largest producers of synthetic rubber, Ineos noted.
Speaking about the deal, Tomasz Kalwat, Synthos' chief executive, said: “The aim of the acquisition will be to provide the highest quality EPS to ensure that EPS products remain the insulation material of choice for our customers.”
