Ineos Sells Melamines/Paraform to Prefere Resins
Ineos Enteprises is selling its melamines & paraform business to Prefere Resins Holding for an undisclosed sum. The transaction is expected to complete during the second quarter of this year, subject to regulatory approval.
Employing around 150 people at sites in Frankfurt, Germany, Springfield, Massachusetts, USA and Surabaya, Indonesia, Ineos Melamines supplies melamine resins into the coatings, paper, textile, tire, rubber and decorative laminate industries.
Ineos Paraform, Europe’s second largest producer of paraformaldehyde, employs around 120 people at its facility in Mainz, Germany.
“The deal represents a strong strategic fit with Prefere Resins and is a great opportunity to realize the true potential of these businesses, helping to secure their future development and growth,” said Ashley Reed, CEO of Ineos Enterprises.
Headquartered in Erkner, Germany, Prefere Resins produces and sells phenolic and specialty amino resins, which are used as binders in the construction, insulation and industrial sectors. The company, which was built through acquiring plants owned by Neste and Perstorp in 2000, is majority owned by pan-European private equity company Silverfleet Capital.
Arno Knebelkamp, CEO of Prefere Resins Holding, said the acquisition is a key step towards its strategic plan to grow the business and become a global resin producer.
The company operates sites in Finland, Germany, UK, France, Poland and Romania, producing around 350,000 t/y of resins. It also has three R&D sites in Germany, Austria and Finland.