Swiss supplier of polyacrylonitrile co-polymers INEOS Barex has signed an agreement to acquire the Polyacrylonitriles Business from Mitsui Chemicals for an undisclosed value.
The agreement, which is expected to bring together complementary capabilities and synergies of both businesses, secures the long term supply of PAN resin and Zexlon film to Mitsui customers across Asia.
Manufactured by Mitsui Chemicals, polyacrylonitrile resins are inert products. The film and sheet applications include pharmaceutical and medical packaging to the Asia Pacific region.
INEOS will immediately take over responsibility for sales and marketing to all Mitsui PAN resin and Zexlon film customers upon completion of the deal and will work with them to obtain necessary approvals and make the transition to its products.
The deal is expected to close on 1 August 2013.
Mitsui Chemicals CEO David Schmidt said, "The proposed agreement is good news for all parties involved. Most importantly it will provide significant benefit to customers through ongoing, reliable access to Barex ®, PAN resin and Zexlon™ film."
In a bid to improve product quality and expand available capacity to meet the growing needs of new markets in pharmaceutical, medical, cosmetic and personal care packaging, INEOS continues to invest in its Barex business.
The chemistry behind Barex, a specialized acrylonitrile-methyl acrylate co-polymer, makes it readily convertible into film, sheet and bottles on standard equipment using extrusion, injection and calendaring techniques.
Barex resins provide chemical resistance essential for packaging aggressive active ingredients that need to stay inside the packaging besides providing oxygen barrier properties.