As part of a £1-billion investment initiative in the U.K., INEOS (London; www.ineos.com) will invest £150 million in Hull to construct a new Vinyl Acetate Monomer (VAM) plant. This will bring production of an important raw material back to the U.K. The capacity at the site is expected to be 300,000 metric tons per year (m.t./yr). VAM is a key component in a wide range of important high-end products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fiber.
Graham Beesley, CEO of INEOS Oxide said: “This is an exciting time for INEOS and great news for manufacturing in the region. We are proud to be bringing production of this important material back to the UK. This will not only strengthen U.K. manufacturing but boost exports from the U.K. to Europe and the rest of the world.”
In addition, the company announced a £350-million investment in its Grangemouth site, which will allow for the development of a new steam and power plant, delivering significantly improved energy efficiency and long-term reliability.
Tobias Hannemann, CEO O&P UK says: “This investment forms part of our wider plans to secure a bright future for manufacturing at Grangemouth and will continue its renaissance as a world class petrochemicals site while supporting the refinery, FPS and wider U.K. economy.”