INEOS Group has received clearance from the European Commission, enabling the company to successfully complete its agreement with LANXESS. The JV with LANXESS will enable INEOS to take over the operation of Lustran Polymers - LANXESS's ABS plastics business. As part of the first stage of this agreement INEOS will acquire a 51% majority share in the new business, to be called INEOS ABS. The remaining 49% share will be acquired by INEOS at the end of September 2009.
INEOS ABS will be the world's third largest and Europe's leading supplier of ABS plastics, generating sales of almost EUR 900mln (US$1.2 bln) from its assets in Dormagen (Germany); Tarragona (Spain); Map Ta Phut (Thailand); Vadodara (India) and Addyston (USA). The completion of the Indian transaction is still subject to local regulatory approval.