Ineos From Wikipedia, the free encyclopedia Jump to: navigation, search INEOS Type Private Founded 1997 Headquarters Lyndhurst, Hampshire, UK Key people Jim Ratcliffe, CEO & Chairman Products Petrochemicals Revenue US$47 billion [1] Website http://www.ineos.com
INEOS is a privately owned UK chemicals company. By revenue it is the third largest chemicals firm in the world (after BASF and Dow Chemical) and the biggest privately owned company in Britain [1]. Its headquarters are located in the small village of Lyndhurst in Hampshire, England. Chairman and main shareholder Jim Ratcliffe was tenth on the Sunday Times Rich List 2007, with an estimated wealth of £3.3 billion. Sunday Times Rich List 2008 revalued Jim Ratcliffe to £2.3 billion
INEOS was formed in 1997 to effect a management buyout of the former BP petrochemicals assets in Antwerp, Belgium[2]. Since then, it has expanded by purchasing several other businesses. Several of its divisions formerly belonged to BP, and others have been divested by large companies such as Amoco, BASF, ICI, Dow Chemical, Solvay and UCB, as they have looked to focus more closely on their main product lines. In October 2005 it agreed to purchase Innovene, BP’s olefins and derivatives and refining subsidiary, which had an estimated 2005 turnover of US$25 billion, for $9 billion [3]. The deal, which was completed on 16 December 2005, roughly quadrupled INEOS' turnover, which was previously around $8 billion.
INEOS reportedly prefers to run operations with minimal on-site management, the concept that "work teams" are better suited for handling of the workflow day to day, without middle-management.[4]
In 2007 INEOS formed a joined venture with Lanxess and created INEOS ABS, comprising Lanxess's activities in Acrylonitrile butadiene styrene production, located in Tarragona. INEOS paid €35 million in a first tranche.
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