Founded just over 20 years ago, UK-based Ineos has quickly risen to become one of the world’s leading chemical manufacturers in terms of revenue generated. Its 2017 total of $85 billion makes it the second-largest chemical-producing company in the world. Ineos was launched in 1998 by chemical engineer Sir Jim Ratcliffe and his business partners, Andy Currie and John Reese. The company’s name is an acronym for Inspec Ethylene Oxide Specialties, the original name of the business. The three largest market segments for Ineos are fuels and lubricants (23.3 per cent), packaging and food (18.5 per cent) and construction (16.1 per cent). Other market segments include automotive and transport, white goods and durables, pharmaceutical and agrochemical and textiles. Ineos boasts 171 different production sites in 24 countries, employing more than 19,000 people worldwide. Amongst the products Ineos puts on the market are solvents for medical use, biofuels for personal vehicles, chlorine, modern plastics for food and drink packaging, and materials to insulate houses and offices. Ineos set off a controversy in February 2019, when Jim Ratcliffe announced he was moving the company to Monaco to save an estimated £4 billion in taxes.
- Family name: Ratcliffe, Currie and Reece
- Sector: Diversified Industrial Product
- Founded: 1998
- Founder: Sir Jim Ratcliffe
- Country: UK
- Company headquarters: London
- Managers: Jim Radcliffe, Andy Currie, John Reece
- Revenue: USD$ 40 billions
- Rankings: 498 [Fortune 500]
- Family ownership: 100%
- Employees: 19,000
- Website: https://www.ineos.com/
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