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INEOS acquires stake in Sasol's U.S. HDPE joint venture for $400 million

 Last Update: 2022-08-26
 Source: Internet
 Author: User

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Sasol's situation is even worse this year due to the COVID-19 pandemic and low oil prices

Sasol will sell its stake in the Texas HDPE resin unit to INEOS Chemicals and Polymers USA for $404 million

INEOS operates the unit at the Battleground manufacturing complex

"This world-class asset will serve the growing global bimodal HDPE market, enabling our business to meet the growing needs of our customers," INEOS CEO Michael Nagle said in a press release

Sasol officials said in a Nov.
24 press release that the sale "achieves Sasol's strategic and financial objectives by increasing its focus on specialty chemicals and reducing net debt," adding that proceeds from the transaction will be used for to repay short-term debt
.

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