INEOS Barex AG (Rolle, Switzerland; www.ineosbarros.com) has signed a binding agreement to acquire the polyacrylonitriles business from Mitsui Chemicals Inc. The agreement brings together complementary capabilities and synergies of both businesses and secures the long term supply of PAN resin and Zexlon film to Mitsui customers across Asia. The value of the transaction was not disclosed.
Polyacrylonitrile resins are inert products manufactured by Mitsui Chemicals Inc. under license, at its Nagoya works. Film and sheet applications include pharmaceutical and medical packaging to in the Asia Pacific region.
On completion of the deal, INEOS will immediately take over responsibility for sales and marketing to all Mitsui PAN resin and Zexlon film customers and will work closely with them to obtain necessary approvals and make the transition to INEOS Barex products. Mitsui production will be continued for sufficient time for approvals to transition to INEOS Barex products. The deal comprising the sales, marketing, and supply of PAN resin and Zexlon film is expected to be completed on August 1, 2013.
Barex is a specialised acrylonitrile-methyl acrylate co-polymer that has both U.S. Pharmacopoeia and FDA clearances for medical and pharmaceutical packaging. The chemistry behind Barex makes it readily convertible into film, sheet and bottles on standard equipment using extrusion, injection and calendaring techniques.