Jim Ratcliffe’s Ineos explores asset sales as chemical sector struggles

Ineos, the London-headquartered chemicals empire founded by UK billionaire Sir Jim Ratcliffe, is exploring asset sales and debt refinancing options in February 2026 as it battles a prolonged industry downturn that has forced the company to seek ways to raise cash, cut costs, and reduce its leverage. The group has held preliminary talks regarding the sale of assets within its vinyls business Inovyn, which could be worth hundreds of millions of pounds, while simultaneously engaging with credit firms to refinance bonds set to mature next year. These financial maneuvers come as shareholders have recently injected €200 million of new equity into the business alongside raising another €300 million of financing linked to its inventory. The European chemicals sector is facing a perfect storm of challenges, with producers struggling against a deluge of cut-price imports from China, persistently high energy prices, and increasingly stringent regulations. These pressures compound existing issues of global overcapacity and weak demand, creating an exceptionally difficult operating environment. Ineos, which borrowed heavily to become one of the world's largest chemicals companies through aggressive acquisitions, has seen its bonds plummet in value as investors grow concerned about the company's mounting debt burden and the broader industry troubles. Financially, Ineos's situation has deteriorated significantly, with its net debt to EBITDA ratio soaring from 1.9 in 2022 to 7.7 at the end of 2025—well above the 6.0 threshold that rating agencies consider 'highly levered.' While recent equity injections have helped stabilize its bond prices, which fell to 65 cents on the dollar last month before recovering to above 80 cents, the company continues to face pressure. Inovyn, which makes chemicals including caustic soda and PVC used in construction, saw its adjusted EBITDA plummet 41% in 2024 to £348 million against revenues of £3.1 billion, reflecting the severe challenges facing the energy-intensive operations.