INEOS officially release statement welcoming European Commission investigation

Part of what makes Manchester United co-owner Sir Jim Ratcliffe and many other billionaires so successful is their strong-willed opinions.

With influence often comes money and power, and Ratcliffe’s chemical company INEOS grew to fruition through his leadership after launching in 1998.

From a single site in Antwerp came a global business. The money made from the company has now impacted Manchester United, with Ratcliffe’s company owning a minority stake in the club, while controlling the footballing side of things.

Ratcliffe’s business has made him one of Britain’s richest billionaires, but the 73-year-old has kept looking to grow his fortune.

One way Ratcliffe has attempted to influence things through INEOS is by publicly releasing his thoughts on significant matters.

In July, the Manchester United owner wrote an open letter to the President of the European Commission, Ursula von der Leyen.

Ratcliffe attempted to protect his industry by forcing home his opinion that the chemicals industry in Europe was going to disappear through a combination of expensive regulation and failure to respond to Chinese competition.

INEOS have once again recognised the European Commission, this time supporting them with a statement backing an anti-dumping investigation into imports of certain PVC from China, Taiwan, Mexico and South Korea.

In the statement, the 28.94% shareholders of Manchester United caveated their leading point with a warning that “urgent reform of the EU’s approach to trade defence” is now needed, following the investigation getting underway.

“INEOS is calling for increasing resources within DG Trade, simplifying case preparation, faster provisional measures and safeguard measures to be applied to protect the European chemicals and plastics industry,” the statement pleaded.

It’s yet another attempt from Ratcliffe and his company to protect the chemical and plastics industry in Europe.

The company call for USA-style tariffs that “protect its [Europe’s] domestic industry from unfair trade. Europe’s system remains constrained by lengthy procedures, limited resources and rules that can leave manufacturers exposed for years before measures take effect.”

It’s an interesting debate, and one that will potentially have its own impacts on Manchester United.

If the European industry that INEOS operate in collapses, the Red Devils could potentially lose funding from their owners, or even part from them altogether.