Sector News

INEOS Styrolution agrees to acquire K-Resin® SBC Business

October 31, 2016
Chemical Value Chain

INEOS Styrolution, the global leader in styrenics, announced today that it signed an acquisition agreement for the global K-Resin® styrene-butadiene copolymers (SBC) business of Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical) and Daelim Industrial Co. Ltd., the current joint venture owners.

The parties have agreed not to disclose the intended purchase price or any other financial details. The transaction, subject to customary closing conditions and regulatory approvals, includes the purchase of the equity interests of K R Copolymer Co. Ltd (KRCC), K-Resin® SBC intellectual property and other assets related to the SBC business. This acquisition, once completed, will allow INEOS Styrolution to supply its customers from production sites in the Americas, EMEA and Asia Pacific.

The acquisition underlines INEOS Styrolution’s commitment to its “Triple Shift” growth strategy with a strong dedication to its styrenic specialties business, well-balanced split across all focus industries and improved global presence.

K-Resin® SBC and INEOS Styrolution’s existing SBC brands Styrolux® and Styroflex® complement each other well. The combined business will offer a broad selection of SBC products to customers across the globe. The broader SBC product portfolio will enable the combined business to better serve its customers.

“This measure marks our first acquisition and drives the further implementation of our Triple Shift growth strategy. We will strengthen our ability to offer specialty styrenics products to our customers, and increase our production capacities in Asia. Our customers will benefit from our ability to supply and support their world-wide demand from our expanded geographic footprint, with SBC manufacturing and research and development centers in all major regions, and from the well-known premium K-Resin® SBC brand,” says Kevin McQuade, CEO INEOS Styrolution. “With this investment we will further enhance our global presence in styrenics.”

Chevron Phillips Chemical and Daelim Industrial Company founded KRCC as a joint-venture in February 2000. The K-Resin® SBC plant is located in Yeosu Petrochemical Complex, the largest petrochemical complex on the southern coast of South Korea.

“I am impressed by the quality of the production site, a formidable operation and by the strong motivation of the staff,” says Steve Harrington, President Asia Pacific, INEOS Styrolution. “We are looking forward to integrate the local Korean assets quickly into our Korean INEOS Styrolution operations.”

Source: INEOS Styrolution

comments closed

Related News

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.