Everything about Ineos totally explained
Ineos is a privately owned
UK chemicals company, and by revenue the third largest in the world (after
BASF and
Dow Chemical). Its headquarters are located in the small village of
Lyndhurst in
Hampshire,
England. Chairman, CEO and main shareholder
Jim Ratcliffe was tenth on the
Sunday Times Rich List 2007, with an estimated wealth of £3.3 billion. Note: Sunday Times Rich List 2008 revalued Jim Ratcliffe to £2.3 billion
Ineos was formed in 1997 to effect a
management buyout of the former
BP petrochemicals assets in
Antwerp,
Belgium. 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've looked to focus more closely on their main product lines. In October 2005 it 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. The deal, which was completed on 16 December 2005, roughly quadrupled Ineos's turnover, which was previously around $8 billion.
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.
In 2007
Lanxess formed a joined venture with Ineos and created Ineos ABS, comprising Lanxess's activities in
Acrylonitrile butadiene styrene production, located in
Tarragona. Ineos paid €35 million in a first tranche.
Industrial relations
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.
As of late April 2008 Ineos was at the centre of an
industrial relations dispute with the
Unite 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, which it's estimated would only have cost £16 million per year to continue, its
human resources manager Ian Fyfe stating that the company couldn't afford it, despite the Grangemouth facility making up to £3 million per day in profit. It is also claimed by Unite that workers at Grangemouth are paid £6,000 less than workers at other similar facilities.
Further Information
Get more info on 'Ineos'.
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