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
INEOS Inovyn announces a new Ultra Low Carbon range (ULC) of Chlor-Alkali products that reduce the carbon footprint of caustic soda, caustic potash and chlorine by up to 70% compared to industry averages. The new range uses renewable energy sources to power INEOS Inovyn manufacturing sites.
Solvay operates seven soda ash plants worldwide. Beyond Green River, coal is being phased out at two of the company’s plants in France and Germany. By the end of 2024, the Rheinberg, Germany site will become the first soda ash plant in the world to be powered primarily with renewable energy.
The Chemours Company has named Pamela Fletcher to its board of directors, effective March 1. Fletcher, formerly the chief sustainability officer at Delta Air Lines Inc., takes the seat of Sandra Phillips Rogers, who has opted not to stand for reelection to the company’s board.