Refrigerant producer Ineos Fluor has been sold to Mexican chemicals giant Mexichem.
The purchase by Mexichem Fluor, which produces fluorspar, a major constituent of HFCs, will create a $500 million fluorochemical business.
The deal comprises the international business and assets related to Ineos’s fluorochemical operations located in North America, Europe, and Asia.
Ineos Fluor chief executive David Price said: “The agreement presents a unique opportunity to bring together the world’s largest supplier of fluorspar, with our own world leading fluorochemical production assets, customer base and research capabilities.
Mr Price added: “Whilst performing well, the fluorochemicals business no longer fits within the Ineos Group portfolio as it focuses its attention on its large-scale petrochemicals businesses.”
Ineos Fluor supplies fluorine-based products, technology and services and employs around 350 people across sites in the Europe, North America and Asia.
The sale is expected to be completed at the end of March, subject to regulatory approval.