"Sir Jim Ratcliffe's chemicals empire, Ineos, has introduced a company-wide hiring freeze as it prioritises debt reduction following years of rapid expansion and weakening market conditions. The British-founded group confirmed a "general recruitment freeze" while tightening capital spending after acquiring assets worth around €2.7 billion across the US, Europe and Asia between 2022 and 2024. The move comes as Ineos grapples with overcapacity in the chemicals market, new US tariffs and falling prices that have squeezed margins across its core businesses."
"Ratcliffe, 72, who co-owns Manchester United, has halted dividend payments to focus on reducing the group's €11.1 billion debt, aiming to bring leverage down to three times earnings. The billionaire industrialist controls Ineos alongside long-time partners Andy Currie and John Reece through a holding structure based in the Isle of Man. Although recruitment has been frozen, Ineos said it would continue to fill "essential" positions to sustain its 24,000-strong global workforce."
Ineos has implemented a general recruitment freeze and tightened capital spending after acquiring about €2.7 billion of assets between 2022 and 2024. The group faces overcapacity, new US tariffs and falling chemical prices that have squeezed margins. Ratcliffe halted dividend payments to concentrate on reducing €11.1 billion of debt and targets leverage of three times earnings. The company will still recruit for essential roles to support its 24,000-strong workforce and continues with the multibillion-euro Antwerp ethylene plant, funded in part by a recent €650 million debt raise. Credit rating agencies have downgraded the group's debt amid uncertainty over deleveraging.
Read at Business Matters
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