CHEMICALS giant Ineos is seeking partnerships in China in a bid to strengthen its operations in Asia.
The company, one of the largest privately owned firms in the UK, could form four of five joint ventures in the next two years as it emerges from debt troubles and a slump in demand during the recession, a senior director confirmed yesterday.
Ineos, which has debts of around £7bn but reported sales of £18.1bn last year, switched its headquarters from the New Forest to Switzerland in a bid to shave its tax bill, although it has retained its purpose- built offices in Lyndhurst.
Asia accounted for just six per cent of its sales in 2009.
The firm was founded in 1988 by chemicals engineer Jim Ratcliffe and employs 3,700 permanent staff and 1,000 contractors across eight UK sites.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here