Billionaire North Sea investor Jim Ratcliffe has sold a business that makes polystyrene for packaging to a Polish firm for £63million.
His firm Ineos Enterprises sold Ineos Styrenices to Synthos, a company traded on the Polish stock exchange.
Ineos, which says it “actively seeks market opportunities to acquire, develop and sell chemical businesses”, has been building a North Sea gas portfolio and has aspirations to introduce onshore hydraulic fracturing, or “fracking” in Scotland.
In October Ineos bought 12 UK North Sea gas fields owned by German firm DEA, part of the LetterOne Group and which provides about 8% of the UK’s gas as well as a 25% interest in the Clipper South field from Fairfield Energy.
Ineos Styrenics, has manufacturing sites at Wingles and Ribécourt in Northern France and Breda in the Netherlands. The three production sites are supported by its technology centre in Breda, as well as customer services, logistics and finance operations also located in Breda. The business employs 250 people who will transfer as part of this deal.
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