Jim Ratcliffe
Encyclopedia
James Arthur Ratcliffe (born 1952 in Manchester) is a chemical engineer turned financier and industrialist. According to the 2010 Sunday Times Rich List
, he is one of the richest people in the United Kingdom
.
Ratcliffe graduated from the University of Birmingham
with a degree in chemical engineering in 1974. His first job was with oil giant Esso
, but he decided to broaden his skills into finance by studying management accounting and taking an MBA at London Business School.
Ratcliffe is the chairman and chief executive officer
of the Ineos
chemicals group, of which he owns two-thirds, and which has been estimated to have a turnover of $44bn. He does not have a high public profile, and has been described by the Sunday Times as "publicity shy".
Using high-yield debt
to finance his deals, Ratcliffe started buying unwanted operations from groups such as ICI
and BP
, selecting targets based on their potential to double their earnings over a 5-year period. In 2006 Ineos bought BP's refining and petrochemical arm, which brought the Grangemouth Refinery
into Ineos' control.
The Telegraph
said “Ratcliffe enjoys skiing and sailing”. He is also reported to have completed the 2007 London Marathon.
In May 2009, Ratcliffe was granted an Honorary Fellowship by the Institution of Chemical Engineers
citing “his sustained leadership in building the INEOS Group.”
In April 2010, Ratcliffe moved the head office (Ineos AG) to Lausanne, Switzerland to escape the tax regime of the Labour Party and save his company £100m a year.
Sunday Times Rich List 2010
The Sunday Times Rich List 2010 was published on 25 April 2010.Since 1989 the UK national Sunday newspaper The Sunday Times has published an annual magazine supplement to the newspaper called the Sunday Times Rich List...
, he is one of the richest people in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Ratcliffe graduated from the University of Birmingham
University of Birmingham
The University of Birmingham is a British Redbrick university located in the city of Birmingham, England. It received its royal charter in 1900 as a successor to Birmingham Medical School and Mason Science College . Birmingham was the first Redbrick university to gain a charter and thus...
with a degree in chemical engineering in 1974. His first job was with oil giant Esso
Esso
Esso is an international trade name for ExxonMobil and its related companies. Pronounced , it is derived from the initials of the pre-1911 Standard Oil, and as such became the focus of much litigation and regulatory restriction in the United States. In 1972, it was largely replaced in the U.S. by...
, but he decided to broaden his skills into finance by studying management accounting and taking an MBA at London Business School.
Ratcliffe is the chairman and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the Ineos
Ineos
INEOS Group Limited is a privately owned multinational chemicals company headquartered in Lausanne, Switzerland and with its registered office in Lyndhurst, United Kingdom...
chemicals group, of which he owns two-thirds, and which has been estimated to have a turnover of $44bn. He does not have a high public profile, and has been described by the Sunday Times as "publicity shy".
Using high-yield debt
High-yield debt
In finance, a high-yield bond is a bond that is rated below investment grade...
to finance his deals, Ratcliffe started buying unwanted operations from groups such as ICI
Imperial Chemical Industries
Imperial Chemical Industries was a British chemical company, taken over by AkzoNobel, a Dutch conglomerate, one of the largest chemical producers in the world. In its heyday, ICI was the largest manufacturing company in the British Empire, and commonly regarded as a "bellwether of the British...
and BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
, selecting targets based on their potential to double their earnings over a 5-year period. In 2006 Ineos bought BP's refining and petrochemical arm, which brought the Grangemouth Refinery
Grangemouth Refinery
Grangemouth refinery is a mature complex oil refinery located on the Firth of Forth in Grangemouth, Scotland.Currently operated by Ineos, it is Scotland's only oil refinery , and is also the UK's second-oldest; it supplies refined products to customers in Scotland, northern England, Northern...
into Ineos' control.
The Telegraph
The Daily Telegraph
The Daily Telegraph is a daily morning broadsheet newspaper distributed throughout the United Kingdom and internationally. The newspaper was founded by Arthur B...
said “Ratcliffe enjoys skiing and sailing”. He is also reported to have completed the 2007 London Marathon.
In May 2009, Ratcliffe was granted an Honorary Fellowship by the Institution of Chemical Engineers
Institution of Chemical Engineers
The Institution of Chemical Engineers is a global professional engineering institution with over 33,000 members in over 120 countries worldwide, founded in 1922, and awarded a Royal Charter in 1957.-Structure:...
citing “his sustained leadership in building the INEOS Group.”
In April 2010, Ratcliffe moved the head office (Ineos AG) to Lausanne, Switzerland to escape the tax regime of the Labour Party and save his company £100m a year.
External links
- Business big shot: Jim Ratcliffe, 2008 biography from The Times
- Jim Ratcliffe of Ineos: Uncanny ability to spot undervalued assets, 2006 biography from The Financial Times'(pay-to-view)'
- Ratcliffe awarded IChemE Honorary Fellowship