| Type | Private Limited Company |
|---|---|
| Founded | 1997 |
| Headquarters | Lausanne, Switzerland (Head office) Lyndhurst, Hampshire, United Kingdom (Registered office) |
| Key people | Jim Ratcliffe (CEO & Chairman) |
| Products | Chemicals Petrochemicals Plastics |
| Revenue | US$28.4 billion [1] |
| Website | http://ineos.com |
INEOS Group Limited (commonly known as Ineos) is a privately owned multinational chemicals company headquartered in Lausanne, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the third-largest chemicals company in the world measured by revenues (after BASF and Dow Chemical) and the largest privately owned company in the United Kingdom.[2]
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.[3] Jim Ratcliffe is the Chairman and main shareholder.
Contents |
Ineos was formed in 1997 to effect a management buyout of the former BP petrochemicals assets in Antwerp, Belgium.[4] 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 Ineos 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.[5] The deal, which was completed on 14 December 2005, roughly quadrupled Ineos's turnover, which was previously around $8 billion.
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.[6]
The company has been accused by some sources of buying assets then cutting costs through the introduction of new working practices, lower wages, and terminating pension schemes.[7]
As of late April 2008 Ineos was at the centre of an industrial relations dispute with Unite the Union over pension policies affecting the workforce at its Grangemouth Refinery. The company had taken the decision to close the company's final salary pension scheme to new employees. It is also claimed by Unite that workers at Grangemouth are paid £6,000 less than workers at other similar facilities.[7] Ineos has been accused by Unite of "economic terrorism".[8]
In February, 2011 "INEOS Bio breaks ground on landmark advanced biofuels facility in Florida." "INEOS Bio’s biorefinery will have the capacity to produce 8 million gallons of ethanol and 6 megawatts (gross) of electricity per year." "The INEOS Bio process can produce ethanol and renewable energy from numerous non-food feedstocks, including construction and municipal solid waste, forestry and agricultural waste." [9]