INEOS Enterprises has today announced the acquisition of Eramet Titanium & Iron (ETA) from Eramet for $245m.
The deal which takes immediate effect, was completed today following the satisfaction of regulatory approvals.
ETI consists of an ilmenite transformation plant in Norway producing titanium slag which is used in the pigments industry. It also produces high-purity pig iron sold to European foundries. The business will be known as INEOS Tyssedal.
The agreement between Eramet and INEOS Enterprises also includes a long-term supply contract for ilmenite produced by Grande Côte Opérations (“GCO”), the Group’s subsidiary which operates the mineral sands mine in Senegal.
Commenting on the acquisition, Ashley Reed, CEO INEOS Enterprises said “We are very pleased to acquire ETI from Eramet. This is a good quality asset, complemented by an experienced operations team. We believe the next phase of ETI’s development can be well progressed under INEOS ownership and further improve the long-term sustainability of the company.”
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