INEOS Enterprises has announced the sale of INEOS Melamines and Paraform to Prefere Resins Holding GmbH. The agreement covers sites in the US, Germany and Indonesia.
INEOS Paraform is Europe’s second largest producer of paraformaldehyde. It employs around 120 people at its Mainz facility located close to the River Rhine and the port of Mainz. The business has been producing formaldehyde and its downstream derivatives for more than 100 years and continues to innovate and develop its business.
INEOS Melamines is a supplier of melamine resins into coatings, paper, textile, tyre, rubber, and decorative laminates industries. The business employs roughly 150 people at sites in Springfield USA, Frankfurt, Germany and Surabaya, Indonesia.
“I am very pleased to have signed an agreement for the sale of the INEOS Melamines & Paraform business,” said Ashley Reed, CEO of INEOS Enterprises. “The deal represents a strong strategic fit with Prefere Resins and is a great opportunity to realise the true potential of these businesses, helping to secure their future development and growth.”
Prefere Resins is a European producer of phenolic resins, headquartered in Erkner, Germany and operates production sites in Finland, Germany, United Kingdom, France, Poland and Romania. The company also runs three research and development sites (Germany, Austria and Finland) and four regional sales offices (Germany, UK, Finland and Austria). The company produces around 350 000 tpy and employs over 320 people.