In a bid to ease its debt burden, World No 3 chemicals group Ineos, has sold its fluorinated chemicals unit - Ineos Fluor, to Mexican conglomerate Mexichem. The fluorochemicals unit is no longer deemed as part of the core to the group. As per unconfirmed reports, Ineos Fluor, which has turnover of €300 mln has been sold for US$350 mln. Sale is expected to be completed at the end of March.
"Whilst performing well, the fluorochemicals business no longer fits within the Ineos group portfolio as it focuses its attention on its large-scale petrochemicals businesses," Ineos Fluor CEO David Price said in a statement.