INEOS is an international British chemical company with its Headqurter in London. It ranks as the fourth-largest chemical firm in the world as of 2021.
Every facet of contemporary life is impacted by our products.
We are made up of 36 companies with 194 locations in 29 different nations.
However it appears that the company’s founder, Sir Jim Ratcliffe, and his friends occasionally serve on their boards.
Additionally, consumer brands and sporting passions are included in INEOS.
The name Ineos is taken from the company’s previous name, INspec Ethylene Oxide and Specialities. Additionally, it contains Latin and Greek words. According to Ineos, the name symbolizes the “birth of something fresh and innovative.
A spokesman for the chemical company stated on Tuesday that Jim Ratcliffe’s INEOS has formally entered the bidding process to purchase Premier League football club Manchester United.
17 years after purchasing the Old Trafford team, United’s American owners, the Glazer family, said in November that they had started considering their options for the 20-time English champions, including new investment or a potential sale.
According to Reuters, United fan and British businessman Ratcliffe expressed interest in purchasing the team in August.
We have officially entered the process, I can affirm, an INEOS representative said in a statement on Tuesday.
Upon being contacted by Reuters, United opted not to respond.
Formal bids are anticipated to begin next month, according to The Times, which broke the story first. By the end of the year, United may have changed ownership.
Glazers Out Fans Protest
The Glazers, who also own the Tampa Bay Buccaneers of the National Football League, have come under heavy fire from United supporters, who have been calling for a change in ownership since the club won its last trophy in 2017, when it won the Europa League and League Cup.
In November, the Manchester United Supporters Trust (MUST) stated that the club required new owners and fresh investment to stop years of decline and that supporters should be given a true say in how it is governed going forward.
Numerous demonstrators gathered in front of Old Trafford in April, waving flares and chanting, “Get the Glazers out of the club!”
Another bone of contention among fans is United’s net debt, which by September had increased by almost 23% to 515 million pounds ($565.78 million).
Erik ten Hag’s club has 38 points after 18 games, placing them fourth in the league standings, one point behind local rivals Manchester City but nine points behind league leaders Arsenal.
INEOS Joint Ventures
Petroineos
A joint venture for trade and refining between Ineos and PetroChina was established as Petroineos in 2011. With a $15 billion annual revenue, it is the largest independent crude oil refiner in Europe. It operates two refineries, one in Scotland’s Grangemouth and the other in Lavéra, a region near Martigues, France. [41] Ineos reduced the value of the Grangemouth chemicals factory, which they had previously valued at 400 million pounds, to zero in October 2013 as a result of their dispute with the union. It was revealed later in the same month that PetroChina had been dissatisfied with the return on the billion dollars in cash they had invested to acquire a 50% share in the Grangemouth and Lavera refineries.
Ineos Automotive
Sports
INEOS has a long history of involvement in sports. It is one of the main partners of eight-time Formula One champions Mercedes, the owner of the cycling team INEOS Grenadiers, and a performance partner of the New Zealand rugby team.
The energy business has expressed interest in the United sale process following the group’s acquisition of Nice of the French Ligue 1 in 2019 and FC Lausanne-Sport, a member of the Swiss Challenge League. The Mercedes-AMG Petronas F1 Team’s Principal Partner and third-equal owner is INEOS. The cycling team INEOS Grenadiers and INEOS Britannia, the Challenger of Record at the 37th America’s Cup, are both entirely funded by INEOS. Eliud Kipchoge and the NN Running Team, as well as the All Blacks and New Zealand’s Teams in Black, all have INEOS as a performance partner. Eliud Kipchoge was assisted by INEOS in October 2019 to break the elusive 2-hour marathon barrier, and Kipchoge succeeded in doing so with a time of 1:59.40.2