Ineos to acquire Sasol's stake in Gemini HDPE joint venture for $404 million
As per deal, Ineos will purchase Sasol's 50% share of the venture at La Porte, Texas
Ineos announced that INEOS Olefins and Polymers USA that it has agreed to principle terms with Sasol Chemicals North America LLC to acquire its 50% membership interest in Gemini HDPE LLC (Gemini) for $404 million. Gemini is a toll-manufacturer of bimodal high-density polyethylene (HDPE) products serving rapidly growing pipe and film markets. Gemini is operated by INEOS and located within the INEOS Battleground Manufacturing Complex in La Porte, TX. The proposed acquisition is contingent on financing, is targeted to close by year-end, and would consolidate 100% of Gemini ownership and all marketing under INEOS.
Michael Nagle, CEO of INEOS O&P USA said, “We are excited about the opportunity to acquire Sasol’s half of Gemini. This world-class asset is positioned to serve the growing global bimodal markets and would allow our business to meet increased demand from our customers.”
INEOS O&P USA is part of INEOS Group, one of the world’s leading petrochemical companies. This proposed acquisition would increase INEOS Group’s global HDPE market share and strengthen its ability to service the rapidly growing bimodal markets. INEOS’s global polymer businesses are leaders in technology with production sites around the world, producing polymers with a wide range of downstream end-uses such as food packaging, automotive, pharmaceutical packaging, thermoforming, pressure pipe, blow molding, caps and closures, and film.