Ineos investment welcomed by Saltend Chemicals Park
Today INEOS has announced it will build a new Vinyl Acetate Monomer (VAM) plant in Hull through a £150 million investment. The unit will form part of INEOS’ £1 billion investment in the UK designed to ensure its British assets stay world class for a generation.
The capacity of the plant at the INEOS site in Hull is expected to be 300,000 tonnes per year. The investment will bring production of an important raw material back to the UK. 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 fibre.
It will meet the growing demand for VAM in Europe and across the globe, supporting INEOS’ strong position as a leading supplier to a wide range of markets. The investment is underpinned by the availability of raw materials from Grangemouth and other investment in import and export infrastructure to ensure the site’s ability to produce and deliver competitively.
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 UK manufacturing but boost exports from the UK to Europe and the rest of the world. This investment underlines our commitment to manufacturing in the UK and our faith in the Hull site and our skilled and committed workforce.”
Welcoming the INEOS decision to build a new VAM facility at Saltend Chemical Park in Hull, Mark Kenrick, CEO of the px group, said:
“The Ineos investment in a new VAM facility is tremendous news for the Saltend Chemical Park, the Humber region and px group. It marks a milestone in our drive to unlock the full potential of our site where we have the space, infrastructure and desire to support the growth plans of existing clients and new operators alike.”