Sir Jim Ratcliffe’s Ineos buying fellow chemicals firm in Singapore
UK billionaire Sir Jim Ratcliffe’s company Ineos is buying a fellow chemicals firm in Singapore for £280m, taking it further into Asia.
Ineos Phenol will buy Mitsui Phenols Singapore from Mitsui Chemicals of Japan, in a deal that will add more than 1m tons of production capacity for compounds that are used to make materials for plastics, synthetic fibres and solvents.
Mitsui Phenols Singapore has a turnover of £638m and employs 120 people.
On a spree: Sir Jim Ratcliffe, worth almost £10billion according to Forbes, has built a global empire from building up unwanted chemicals businesses from giants such as ICI
Ratcliffe, worth almost £10billion according to Forbes, has built a global empire from building up unwanted chemicals businesses from giants such as ICI.
Most recently Ineos bought BP’s petrochemicals business for £4.2billion in 2020.
Two weeks ago Ratcliffe was linked with a very different acquisition – a stake in Manchester United. He has stated he is interested in buying the football club.
Ineos already has a one-third stake in a Formula 1 motor racing team and an involvement with New Zealand’s rugby union team, among other sports interests.
