Ineos Group sells fluorochemicals unit to Mexichem Fluor
03 Feb 2010
Privately owned British chemicals company, Ineos Group, the third largest chemicals firm in the world by revenue after BASF and Dow Chemical, has agreed yesterday to sell its fluorochemicals unit, Ineos Fluor to Mexichem Fluor S.A. de C.V., a subsidiary of Mexichem S.A. de C.V.
This acquisition will allow the integration of the largest producer of fluorite in the world, and the second largest producer of Hydrofluoric acid with a leading company in the worldwide field of fluorochemicals.
Although the two companies have not revealed the financial terms of the deal, some media reports have pegged the sale price at $350 million.
Ineos Group's fluorochemicals arm Ineos Fluor is the world leader in the business of specialties based on fluoride chemistry supplying fluoride-based products, as well as technology and services to sectors and industries, such as pharmaceuticals, automotive, refrigeration, and air conditioning.
Based in Lyndhurst, Hampshire, Ineos Fluor employs 350 people in its facilities in the US, Europe, and Asia.
Mexico City, Mexico-based Mexichem is a leading producer of PVC pipes and resin, chloralkali, hydrofluoric acid and fluorspar operating in Latin America.