Purchasing paraformaldehyde
24 Jul 2003
Lyndhurst, UK-based INEOS Capital has acquired Methanova from Degussa of Dusseldorf, Germany.
Methanova employs 170 people at a single site approximately 50 km west of Frankfurt and generated sales of around 45 million Euros in 2002.
The company is a producer of formaldehyde, paraformaldehyde, hexamine and inorganic cyanates, which have applications in the manufacture of phenolic and melamine resins, automotive tyres and heat treatment salts.
Completion of the transaction is expected on Friday 25th July. Methanova will be financed as a separate wholly-owned Ineos company with its own Management board. Peter Bickert, the current CEO of Ineos Phenol, will be appointed Executive Chairman.
The UK based INEOS Group of companies was established in 1998 to acquire the former BP/Inspec Ethylene Oxide complex in Antwerp, Belgium. It has grown rapidly by both acquisition and internal expansions and, in 2002, had sales of 5 billion Euros.
The terms of the Methanova purchase were not disclosed.
