INEOS has announced that on 1st December, it plans to bring together the management of its European Olefins and Polyolefins businesses into a new combined business, to be known as INEOS Olefins & Polymers Europe.
INEOS Olefins & Polymers Europe will become the largest business within the INEOS Group with the scale and diversity necessary to be able to compete in the current turbulent economic climate. It will employ around 3600 people across 10 sites and will have a turnover of around €9 billion.
Tom Crotty will be CEO of the combined business as well as retaining his position as Chairman of INEOS ChlorVinyls and of INEOS Fluor. He comments: "Combining the European Olefins and the Polyolefins businesses together is a natural progression for these businesses. Running both businesses as a single integrated unit will enable us to optimise our margin through the chain, which is essential if we are to meet our customers needs in current market conditions".
Bill Reid will become Business Director of INEOS Olefins & Polymers Europe and Chairman of INEOS Phenol in addition to his position as Chairman of INEOS ABS. Rob Ingram is to be appointed as Procurement Director of the new business, with Hans Niederberger, taking up the post of Operations Director, Olefins and Jeff Seed, Operations Director, Polymers. Philip de Klerk, will become CFO.
The integrated business model will reflect current businesses such as INEOS O&P USA and INEOS ChlorVinyls by combining the upstream and downstream operations to maximise flexibility through the chain.