Ineos

INEOS Group Limited is a British multinational chemicals company headquartered and registered in London. , it is the fourth largest chemical company in the world. Ineos is organised into about 20 standalone business units, each with its own board and operating almost entirely independently, although founder Sir Jim Ratcliffe and his associates sit on their boards occasionally. Ineos is derived from INspec Ethylene Oxide and Specialities, a previous name of the business. It also incorporates one Latin and two Greek words. "Ineo" is Latin for a new beginning, "Eos" is the Greek goddess of dawn, and "neos" is Greek for something new and innovative. As well as being an acronym, Ineos states its name represents the "dawn of something new and innovative". In 1992, Inspec was formed by Sir Jim Ratcliffe, previously a director of the U.S. private equity group Advent International, and by John Hollowood, for the purpose of executing a management buy-in of British Petroleum's (BP) chemicals arm. In 1995, Inspec bought BP's ethylene oxide, and glycol, businesses for £78 million, to become Inspec Ethylene Oxide Specialities. In 1998, Ratcliffe, then a director of Inspec, established Ineos for the purpose of purchasing Inspec's ethylene oxide facility in Antwerp, Belgium. The £84 million purchase was funded by three entities: the Scottish investment house Murray Johnstone (£10 million), Ineos management (£1.5 million), and the investment bank BT Alex Brown (£72.5 million, raised through junk bonds). The company grew quickly through the acquisition of commodity chemical businesses from corporate giants such as BP, ICI and BASF. There have been three distinct phases of Ineos's growth. The first phase spanned over ten years, with Ineos acquiring 22 companies between 1998 and 2008. The two most notable of these were Innovene, the olefins and derivatives and refining subsidiary of BP, in October 2005 for $9 billion, and ICI's commodity chemicals business in 2001. The second phase between 2008 and 2010 saw a period of consolidation as the company tackled the impact of the global recession.