Following clearance from the European Commission, INEOS Enterprises has today confirmed it has concluded the sale of INEOS Baleycourt and INEOS ChloroToluenes (ICT) to Valtris Specialty Chemicals for an undisclosed amount. Valtris is owned by H.I.G. Capital, LLC, a global private equity investment firm with $25 billion of equity capital under management*.
INEOS ChloroToluenes is a leading producer of chlorinated toluenes and related derivatives used in coatings, flavour & fragrance, personal care and pharmaceutical applications. It has production facilities in Belgium and the Netherlands. INEOS Baleycourt produces high-quality products for the polymer additives, lubricant, renewable energy and food markets. It is based in northeast France. The combined businesses employ around 250 people and all will transfer as part of this deal.
Valtris is a leading global manufacturer of specialty chemicals primarily used as additives in the production and processing of plastics worldwide. The company serves diverse end markets including building products, packaging, consumer goods, transportation and oilfield additives. The acquisition of INEOS’ ChloroToluenes and Baleycourt businesses will create a global specialty chemicals business with a broad product portfolio, strong technical capabilities and world-class customer service.
Ashley Reed, CEO of INEOS Enterprises said, “We are proud of the accomplishments of INEOS ChloroToluenes and INEOS Baleycourt as part of the INEOS family. Both businesses have built industry leading businesses with reputations for product quality, service reliability and customer satisfaction. We are confident that the Valtris team are the right partners for both businesses and their employees.”
Paul Angus, CEO of Valtris said, “INEOS ChloroToluenes and INEOS Baleycourt are highly strategic acquisitions with strong secular growth drivers that significantly enhance our product portfolio, expand our European presence and strengthen our technology and production capabilities. We are excited to offer our customers an even broader solution offering and pursue the attractive, new growth opportunities that the acquisitions create.”
Keval Patel, Managing Director at H.I.G. said, “We are pleased to add ICT and BC to the Valtris platform. Both companies have achieved impressive growth and have capabilities that are highly complementary to Valtris. We look forward to continuing to support the Valtris team and are very excited about the future prospects of the business.”
INEOS Baleycourt and INEOS ChloroToluenes are part of the INEOS Enterprises portfolio of business. INEOS Enterprises actively seeks market opportunities to acquire, develop and sell chemical businesses.
Completion of the transaction took place on 31 July 2018 and is effective from 1 August 2018.