Mexichem to Buy INEOS Fluorochemicals Business

INEOS Group said it will sell its fluorochemicals business to Mexichem Fluor.

The deal includes fluorochemical production assets and the international business located in North America, Europe and Asia, as well as its customer base and research capabilities.

On completion of the deal, the business will become an integrated global producer of speciality fluorochemicals with worldwide presence and annual sales revenue of over $500m.

Mexichem CEO Ricardo Gutiérrez Muñoz said the agreement is a major step forward in the development and growth of the company.

"Acquiring INEOS' Fluorochemicals business reflects our ongoing strategy in expanding our product range and extending the global reach of our fluorine products business," Muñoz said.

Subject to necessary regulatory filings and approvals, including bank consent and approvals under applicable antitrust laws and regulations, the sale is expected to be complete at the end of March.