INEOS announced it has completed the acquisition of the Eastman Texas City site, the 600-kt Acetic Acid plant and all associated third party activities, from Eastman Chemical Company.
As previously announced, Eastman and INEOS have also entered into a memorandum of understanding to explore options for a long-term supply agreement for vinyl acetate monomer.
“We are delighted to have completed this strategic acquisition which will help drive our global ambition for our Acetyls business,” said David Brooks, chief executive officer of INEOS Acetyls. “Our focus now will be on the integration of the site, business, and employees into INEOS Acetyls. The site is placed to take advantage of competitively priced feedstocks to help support the growth of our business and sustainable future of the site.”
The plasticisers unit on the site will continue to be owned by Eastman but will now be operated and maintained by INEOS.
All current employees on the Eastman Texas City site have now transferred over to INEOS.
