83-530: Ineos Group Limited is a British multinational conglomerate headquartered and registered in London. As of 2021, it was the fourth largest chemical company in the world, with additional operations in fuel, packaging and food, construction, automotive, pharmaceuticals, textiles, and professional sports. Ineos is organised into about 20 standalone business units, each with its own board and operating almost entirely independently, although founder Jim Ratcliffe , who owns
166-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
249-500: A controlling interest, and his associates, who collectively own a minority share, sit on their boards occasionally. Ineos is derived from INspec Ethylene Oxide and Specialities, a previous name of the business. It is also named after Eos , 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
332-486: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
415-549: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
498-467: A gasification fermentation process to convert cellulosic waste materials, such as yard and vegetative waste, into ethanol. In addition to having the capacity to produce 8 million gallons of ethanol, the plant could also produce up to 6 MW of electricity. Texas-based Frankens Energy purchased the former Ineos Bio Indian River Biorefinery in Vero Beach, Florida in 2018. On 23 October 2013 Ineos announced
581-638: A global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
664-455: A loss of £150 million per year for the previous four years, started in protest. A 48-hour strike was set for 20 October. Ineos announced the plant would be shut down before the strike and put forward a new deal direct to the workforce, warning that the plant might close permanently if it was rejected. Two-thirds of workers voted against accepting Ineos's proposal, which would have reduced pension, shift pay and redundancy entitlements in addition to
747-793: A major competitor LyondellBasell filed for bankruptcy. Some predicted a similar fate for Ineos but the company emerged from this period intact. The third phase commenced in 2011. In this phase the company has continued to grow through a series of strategic joint ventures. In June 2011, the largest of these, Petroineos, was completed. It is a 50:50 joint venture between Ineos and PetroChina . It combines Ineos's refining interests at Grangemouth , Scotland , and at Lavéra near Martigues , France (about 30 miles west of Marseille ), with PetroChina's access to upstream raw materials. In June 2011, Ineos and BASF combined their styrene businesses to form another 50:50 partnership, Styrolution . Ineos's growth has continued through this period, expanding production in
830-582: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Grangemouth Grangemouth ( Scots : Grangemooth ; Scottish Gaelic : Inbhir Ghrainnse , pronounced [ˈiɲɪɾʲ ˈɣɾaiɲʃə] )
913-449: A month. In June 2020, Ineos signed a letter of intent to acquire the petrochemicals unit of BP for $ 5 billion. The business is focused on aromatics and acetyls. It has interests in 14 plants in Asia, Europe and the U.S., and prouced 9.7 million metric tons in 2019. The deal was expected to close prior to the end of 2020. In September 2020, Ineos signed a 10-year deal to acquire offshore wind power from Engie ’s Northern wind farm. Terms of
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#1732794235753996-648: A new headquarters building at Grangemouth as part of a "site rejuvenation plan". In April 2017, Ineos reached an agreement to buy the Forties pipeline system in the North Sea from BP for $ 250 million. The sale included termini at Dalmeny and Kinneil, a site in Aberdeen, and the Forties Unity Platform. Towards the start of 2019, in the wake of British MPs rejecting Theresa May 's Brexit Deal,
1079-687: A new parliamentary candidate was taking place after the de-selection of Eric Joyce . A Labour Party head office investigation into allegations that people had been made new members without them knowing or signing cleared Deans of the accusations, who had been suspended from the Labour party pending the investigation as well as the Unite candidate he was supporting. Unite said Deans was being subjected to "sinister" treatment, and in October an overtime ban at Grangemouth plant, which according to Ineos had operated at
1162-426: A pay freeze. On 23 October Ineos announced the permanent closure of the petrochemical site at Grangemouth. The next day the Unite union reversed its position and agreed to Ineos's proposals, which included an undertaking not to strike for three years. Deans resigned from his job at Grangemouth on 28 October 2013 after Ineos presented its findings to his team. In March 2016, Ineos's Port of Runcorn ChlorVinyls facility
1245-639: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1328-539: A £500 million bailout from the UK government for its Grangemouth refinery, due to declining oil sales. But environmental groups wrote to the Scottish first minister and the UK's prime minister, urging them to reject the appeal. The request came a year after Sir Jim Ratcliffe, who is said to be the UK's third-wealthiest person, relocated to Monaco , apparently for tax reasons. In November 2023, Petroineos revealed plans to begin
1411-516: Is a free initiative for primary schools, whereby all children participate in 15 minutes of daily physical activity outside in fresh air, to improve their health and wellbeing. In 2022, over 3 million children participated in 86 countries worldwide. In January 2021, also in the field of public health, INEOS announced a donation of £100M to establish the INEOS Oxford Institute for Antimicrobial Resistance (AMR) Research , to help tackle
1494-607: Is a town in the Falkirk council area in the central belt of Scotland. Historically part of the county of Stirlingshire , the town lies in the Forth Valley , on the banks of the Firth of Forth , 3 miles (4.8 km) east of Falkirk , 5 miles (8.0 km) west of Bo'ness and 13 miles (20.9 km) south-east of Stirling . Grangemouth had a resident population of 17,906 according to the 2001 Census . Preliminary figures from
1577-402: Is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on the parent company. Conglomerates are often large and multinational corporations that have
1660-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
1743-594: Is extracted from fossil fuel gas. Petroineos is a refining and trading joint venture between Ineos and PetroChina formed in 2011. It is Europe's leading independent crude oil refiner, with a turnover of $ 15 billion. It has two refineries, one in Lavéra (part of Martigues ), France, and one in Grangemouth , Scotland. The value of the Grangemouth chemicals plant, which Ineos had once valued at 400 million pounds
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#17327942357531826-426: Is involved in renewable energy and is one of the world's leading pioneers in the development of generating sustainable energy from waste material. Ineos reportedly runs operations with minimal head office management, feeling that "work teams" are better suited for handling of the workflow day to day, without middle-management. In November 2014, Ineos announced plans to invest up to £640m in shale gas exploration in
1909-481: Is owner of French Ligue 1 side OGC Nice and Swiss Super League side FC Lausanne-Sport . On February 21, 2024 Sir Jim Ratcliffe also completed the purchase of a 27.7% minority stake of Manchester United F.C which plays in the Premier League , which had been announced on Christmas Eve 2023 as being completed under a separate company known as Trawlers Ltd. INEOS is Principal Partner and third equal owner of
1992-468: The 2014 Commonwealth Games would be installed at Grangemouth Stadium. The Games legacy programme also agreed to donate £30,000 worth of sports equipment to Falkirk Community Trust, which runs the stadium. A number of parks exist in the town which are used for sports and recreational activities. Inchyra Park , which is situated close to the stadium, Rannoch Park in the Bowhouse area which is situated at
2075-571: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
2158-735: The Mercedes-AMG Petronas F1 Team . INEOS fully funds the INEOS Grenadiers cycling team and INEOS Britannia , Challenger of Record at the 37th America's Cup. INEOS is Performance Partner to the All Blacks and New Zealand's Teams in Black and to Eliud Kipchoge and the NN Running Team . In October 2019, INEOS supported Eliud Kipchoge to break the elusive 2-hour marathon barrier with Kipchoge completing
2241-661: The Scottish Junior Football Association , East Region. Many churches are located in Grangemouth: three Church of Scotland, two Catholic Churches, one Episcopal Church and several mission-type churches including a Kingdom Hall of Jehovah's Witnesses. The nearest Mosque is Falkirk Islamic Centre. The Kelpies and The Helix both stand between Grangemouth and Falkirk. Grangemouth is twinned with La Porte, Indiana , US. Grangemouth Cemetery, officially called Grandsable Cemetery lies south of
2324-652: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
2407-806: The University of Oxford accepted a £100 million donation from Ineos in order to establish the Ineos Oxford Institute for AMR Research . On May 1, 2024, the Ontario Ministry of the Environment suspended Environmental Compliance Approval for Ineos Styrolutions' Sarnia, Ontario site, citing excessive benzene emission levels; the site must shut down operations until benzene emissions can be returned to "acceptable levels". INEOS has invested in elite sport across football, running, rugby, cycling, sailing, and Formula One . INEOS
2490-579: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
2573-411: 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. As production of consumer goods, cars, and construction fell during this period, the company saw sales and earnings fall. During this period
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2656-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
2739-627: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
2822-483: The 2011 census reported the number as 17,373. Grangemouth's original growth as a town relied mainly on its geographical location. Originally a bustling port, trade flowed through the town with the construction of the Forth and Clyde Canal in the 18th century. Nowadays, the economy of Grangemouth is focused primarily on the large petrochemical industry of the area which includes the oil refinery , owned by Ineos , one of
2905-666: The Baltic States. Being downstream from the world-famous Carron Company also increased the volume of shipping to the town as cast iron products and armaments were transported around the globe. Until 1810, duties had to paid on cargoes through the customs house at Bo'ness which benefited from the duties paid and involved a journey of some four or five miles each way. With poor roading between the towns, ships captains and agents had to undertake multiple journeys by foot or by horse and cart to register cargoes and pay their duties in weathers fair and foul. After years of appealing Grangemouth
2988-453: The Clyde") and handled 3,250,000 tons of goods a year. The now re-opened canal no longer passes through the old part of Grangemouth, but joins the tidal River Carron . The Municipal Buildings were designed by Robert Wilson and David Tait and completed in 1937. The original two townships were almost totally demolished in the 1960s as a result of poor planning decisions. The last vestiges of
3071-580: The Forth). As canal and general shipping traffic came to the town the area became more prosperous. This was aided by the high tariffs at the port of Leith which caused more traffic to pass through Grangemouth instead. Additionally, the dredging and a major re-alignment of the River Carron for deeper draught vessels and the founding of collieries to the North of the town saw the increase in trade to and from
3154-512: The Grangemouth plant where he worked, and also head of the Falkirk branch of the Labour party, was suspended from his employment at Grangemouth by Ineos in the summer of 2013, while they investigated what they said were accusations he had been using company resources for political campaigning; related to recruitment of Unite members in Ineos workforce to the local Labour branch, where the selection of
3237-670: The UK. The company planned to use the gas as a raw material for its chemicals plants, including Grangemouth near Falkirk. Ineos CEO, Jim Ratcliffe, has criticized restrictions on fracking in the UK. Ineos announced in July 2021 it was investing £25m in HydrogenOne Capital Growth, a fund that was aiming to raise £250m and float on the London Stock Exchange. HydrogenOne would invest in ' green hydrogen ', made from renewable energy, and ' blue hydrogen ' that
3320-463: The US and China. Most recently Ineos announced a joint venture with Solvay bringing together their European polyvinyl chloride businesses. In October 2005 Ineos agreed to purchase Innovene, BP's olefins and derivatives and refining subsidiary, which had an estimated 2005 turnover of US$ 25 billion, for $ 9 billion. The deal, which was completed on 14 December 2005, roughly quadrupled Ineos's turnover, which
3403-603: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
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3486-653: The catchment area of Grangemouth High School and the latter is a catchment primary school for St. Mungo's High School . Grangemouth High School was recently rebuilt with new facilities such as an indoor swimming pool, dance studio, a gym, and an outdoor football pitch. For many years Grangemouth had a three-tier school system - the only area in Scotland to do so. This ended in 1988. Grangemouth has access to three nearby railway stations: Falkirk High , Falkirk Grahamston and Polmont . Grangemouth has an international-standard sports stadium and sports centre. Grangemouth Stadium
3569-468: The closure of its petrochemical plant in Grangemouth , Scotland, following a dispute with the Unite trade union over pensions and an attempt to impose a wage freeze and new contract on the workforce. However, by 25 October 2013 the union capitulated to the closure threats and agreed to all Ineos's demands meaning the plant would stay open and strike-free for three years. In September 2016 the company completed
3652-581: The codename Projekt Grenadier . In September 2019, it was initially announced that vehicle, now officially named Ineos Grenadier, would be manufactured in two new factories in Estarreja , Portugal (chassis and body) and Bridgend , South Wales (final assembly), with powertrains supplied by BMW . The launch was planned for 2022. In December 2020 Ineos announced the final assembly would take place in Hambach , France, instead of South Wales. The announcement
3735-530: The company chose to fund a €3bn investment (£2.6bn) in petrochemical production in Antwerp, Belgium. In April 2020, during the COVID-19 pandemic , hand sanitiser was in short supply due to high demand. Ineos set up new plants to produce it using key ingredients the company had used to manufacture polymers , and provided it free to hospitals. Ineos has the capacity to produce a million bottles of hand sanitiser
3818-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
3901-466: The country and the Forties production pipeline, a third of Britain's North Sea oil production, being closed. Ineos has been accused by some of buying assets then cutting costs through the introduction of new working practices, lower wages, and terminating pension schemes. According to Ratcliffe, some 65 per cent of salary costs at Grangemouth related to pensions. Stephen Deans, convener for Unite union at
3984-779: The deal were not disclosed. In January 2021, it was announced that Ineos was to donate £100 million to Oxford University for a new research institute for tackling antibiotic resistance. INEOS announced the acquisition of the LyondellBassells Ethylene Oxide business. Ineos provides products for many markets including: Fuels and Lubricants (23.3%), Packaging and Food (18.5%) and Construction (16.1%). Other markets include Automotive & Transport, White Goods & Durables, Pharmaceutical & Agrochemical and Textiles. The majority of Ineos's geographic earnings are distributed across Germany (16.8%), USA (16.1%), UK (12.3%), France (11.6%) and Benelux (10.8%). Ineos
4067-467: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
4150-771: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
4233-421: The feat in a time of 1:59.40.2. Beyond elite sport, INEOS supports The Daily Mile Foundation — a running initiative for school children to get them moving for 15 minutes a day. INEOS have invested in wide range of charitable projects in the fields of health, education, conservation and the community. In 2016, INEOS helped to establish The Daily Mile Foundation with former Headteacher Elaine Wyllie. The Daily Mile
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#17327942357534316-719: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
4399-541: The largest of its kind in Europe. The town is twinned with La Porte, Indiana, U.S.A . Residents of the town are known as Portonians. Grangemouth was founded by Sir Lawrence Dundas in 1768 as a result of the construction of the Forth and Clyde Canal . Originally referred to as Sealock by workers brought in to labour on the canal digging and lock constructions, the name referred to the Forth and Clyde Canal connection to
4482-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
4565-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
4648-590: The original old town were the Queens Hotel and the Institute Building (built 1876) which were demolished at that time. Grangemouth Port is one of the main ports in the UK with the largest container terminal in Scotland, with 9 million tonnes of cargo handled through the dock facilities each year. There are links to the inter-modal freight facilities elsewhere in the town which use the town's motorway connections. The main industry of Grangemouth and
4731-545: The point where the Grange Burn flows into the town, and Zetland Park in the centre of the town. Grangemouth Golf Club is actually located in the neighbouring village of Polmont . The town has many amateur football teams, including Zetland AFC and Bowhouse F.C. Falkirk Juniors , who were established in 2011, played their home fixtures at the Grangemouth Stadium before folding in 2016. They competed in
4814-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
4897-738: 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 high-yield, non-investment grade 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,
4980-502: The same year. In November 1914 the Admiralty requisitioned Grangemouth Docks and they were banned to merchant shipping for the remaining duration of the First World War . During this period the dock was referred to as HMS Rameses in military circles. A 1936 LMS advert said that the docks had 121 acres (49 ha) of water (excluding timber basins), direct access to the Forth and Clyde Canal ("giving through access to Glasgow and
5063-525: The sawmills almost a mile inland. Over the next 50 years the docks would be increased in size fourfold or more with a major land reclamation in the late 1890s pushing the entrance of the docks to the River Forth and avoiding the Carron with its limited depth and width. There was also Grangemouth Dockyard Company established in 1885. Grangemouth Town Hall was designed by William Black and was completed
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#17327942357535146-584: The sea and where it flowed into the River Forth . After Dundas died in 1781 his son Thomas Dundas commissioned the architect Henry Holland to re-plan the town including the layout around the canal and its basin. The settlement acquired the name Grangeburnmouth and later Grangemouth , referring to its situation at the mouth of the Grange Burn (which originally entered the Carron at Grangemouth Harbour, though it has since been diverted to flow straight into
5229-507: The threat of drug resistant infections worldwide. INEOS Chairman, Sir Jim Ratcliffe also funds sustainable conservation through a fishing project in remote North East Iceland, seeking to reverse the decline of the wild North Atlantic salmon, and funds ecotourism and conservation work in Tanzania through a joint venture with Asilia Safaris. Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / )
5312-519: The tide to reach wharves on the river bank. A new dock was commissioned to be built and dredging and further re-alignment of the River Carron were undertaken. 200 men dug out what is now called the Old Dock and lock gates were built, allowing vessels to enter the port at any time and tide. A canal link to the south west was named Junction lock and it was also connected to the canal. This allowed timber logs from Scandinavia to be floated in rafts right up to
5395-409: The town. The area is covered by NHS Forth Valley and with the recent downgrading of the Falkirk and Stirling Hospitals, all major services have been transferred to the newly built Forth Valley Royal Hospital in nearby Larbert . Grangemouth has four primary schools: Bowhouse Primary School, Beancross Primary School, Moray Primary School and Sacred Heart R.C. Primary School. The former three are within
5478-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
5561-408: The types of fuels produced at Grangemouth. As of 2014, PQ Corporation is a joint venture between Ineos (31%), CCMP (58%), and PQ management (11%). PQ is a global producer of inorganic chemicals, catalysts , and engineered glass products. As of 2013, Solvay and Ineos were to create a 50:50 joint venture, which will see them combine their chlorvinyls sites in Europe. This joint venture will become
5644-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
5727-668: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
5810-590: The wider Falkirk council area is focused on the Grangemouth Refinery which employs a significant workforce and is one of the largest of its kind in Europe. The Soap Works building which was used to manufacture soap and glycerine, and owned by the Scottish Co-operative Wholesale Society was established in 1897. This was the largest works of its kind in Scotland and employed a considerable number of local people. It
5893-406: The work necessary to convert its operations at Scotland's only oil refinery, Grangemouth , into a business that imports finished fuel products, by 2025. No formal decision on the date of the transition to refinery to import terminal has been taken by the company, but it is reported that the announcement was attributed to the challenges faced due to global market pressures and the shift in demand for
5976-491: The world's third-largest producer of PVC . INEOS acquired a company called Texas City Operations, on December 1from its competitor, Eastman Chemical Company . This includes a 600kt acetic acid plant and all associated third party activities. Ineos Automotive Ltd. was formed in 2017 to develop and manufacture an off-road utility vehicle , intended as a "spiritual successor" to the Land Rover Defender , under
6059-617: Was built in 1966 for the citizens of Grangemouth, partly funded by BP . The stadium has been extended to host a 150-metre running track, physio room, and weight-lifting. The stadium is used as the National Indoor Sports Stadium and for the Football Referees' Fitness Test for Stirlingshire. It was announced in August 2014 that the temporary running track used at Hampden Park for the athletics programme at
6142-558: Was condemned by Welsh Labour MP Chris Elmore , who contrasted the decision to relocate production to the European Union with Ratcliffe's support for Brexit . Ineos manufactures and distributes a wide range of petrochemicals, speciality chemicals and oil products: * Ineos Enterprises consists of the following sub-businesses: ammonia/nitric acid, Baleycourt, chlorotoluenes, compounds, ethanol, melamines, paraform, salt, solvents and sulphur chemicals. In April 2008 Ineos, which
6225-580: Was demolished in November 2005 to make way for a new Whyte & Mackay blending and bottling plant. Grangemouth has an Air Training Corps Squadron, 1333 (Grangemouth) Squadron (located at the TA Centre in Central Avenue), an Army Cadet Detachment (also in Central Avenue) and a Sea and Marine cadet corps at Grangemouth Docks. There are two general health practices, and a dentist's surgery in
6308-442: Was experiencing adverse economic conditions, was at the centre of an industrial relations dispute with Unite over pension entitlements of the workforce at its Grangemouth Refinery , when the company decided to close the final salary pension scheme to new employees. Unite claimed the Grangemouth workers were paid £6,000 less than those at comparable facilities. The 48-hour strike that followed caused panic buying of petrol throughout
6391-437: Was formed by 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
6474-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
6557-623: Was found guilty of releasing caustic soda into the Manchester Ship Canal . The company was ordered to pay a fine of £166,650. In 2018, Ineos applied for a test core drilling for shale gas at Woodsetts (United Kingdom). It was met by protests of residents. New plans for drilling at Woodsetts and Harthill had been applied and eventually approved by the Planning Inspectorate. In January 2021, concerns were raised over Ineos's alleged poor environmental record after
6640-557: Was granted its own Customhouse and a fine three storied stone building was erected on the Northern side of the harbour. The 1830s saw 750 ships in port and over 3,000 trade journeys using the canal. The local shipyard had a graving or drydock built by the Earl of Zetland in 1811 and commenced building larger and larger vessels. The harbour and the river were unable to handle the volume of shipping and larger vessels had to rely completely on
6723-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
6806-566: Was previously around $ 8 billion. In 2007 Ineos formed a joint venture with Lanxess and created Ineos ABS, comprising Lanxess's activities in acrylonitrile butadiene styrene production, located in Tarragona . Ineos paid €35 million in a first tranche. In March 2010 Ineos Healthcare terminated its drug development programme for commercial reasons. Ineos Bio broke ground on the Vero Beach demonstration plant in February 2011. The facility used
6889-440: Was written down to nothing by them in October 2013 during conflict with the union. Later that month it was reported that PetroChina was unhappy with the return on the billion dollars cash they had paid for a 50% stake in the Grangemouth and Lavera refineries. According to a Hong Kong business analyst: "The European refineries are pretty much loss making. In future there won't be any similar investments". In May 2020 Petroineos sought
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