Sector News

Chevron Phillips Chemical sells business to Solvay Specialty Polymers for $220 million

September 10, 2014
Chemical Value Chain
(Associated Press) – Chevron Phillips Chemical is selling its high-performance engineering polymer business for $220 million.
 
Chevron said that its Ryton polyphenylene sulfide operations are a better fit at Solvay Specialty Polymers USA LLC, which is buying its factories and laboratories.
 
Solvay has a strong engineering polymers portfolio.
 
The companies expect the deal to close in the fourth quarter.
 
Ryton is used heavily in the automotive sector, helping reduce the number of metal parts needed and making cars lighter and more energy efficient. It also enhances filter bags that reduce pollution at coal-fired power plants and the fire resistance of electronics components.
 
Chevron will sell manufacturing operations in Texas, laboratories in Oklahoma and a compounding plant in Belgium as part of the deal.
 
Chevron Phillips Chemical Co., based in The Woodlands, Texas, was formed in 2000 when Chevron Corp. and Phillips Petroleum Co., now Phillips 66, combined their worldwide petrochemical businesses. Each company owns a 50 percent stake in Chevron Phillips.
 

comments closed

Related News

January 29, 2023

Dow and 3M cut thousands of jobs

Chemical Value Chain

3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.

January 29, 2023

Sweden discovers Europe’s largest rare earths deposit

Chemical Value Chain

Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.

January 29, 2023

Avantium to supply Henkel with plant-based FDCA

Chemical Value Chain

Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).

How can we help you?

We're easy to reach