Specialty chemicals maker Ineos Enterprises has agreed to sell its expanded polystyrene (EPS) business to Polish chemical supplier Synthos SA for EUR80m, in one of the larger transactions in the sector in recent years.
“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,” said Tomasz Kalwat, CEO of Synthos.
Ineos Styrenics produces high quality EPS for the building, construction and packaging industries at manufacturing sites at Wingles and Ribécourt in northern France and Breda in the Netherlands.
The three production sites are supported by its technology Centre in Breda. The business employs approximately 250 people, who will transfer as part of the deal.
Headquartered in Oświęcim, Synthos is one of the largest chemical companies in Poland, and also the third largest European producer of expandable PS and a leading European manufacturer of dispersions and lattices for coating, construction additives, and adhesives for the woodworking and paper industries.
The acquisition is expected to be complete in the second half of 2016.