20 Feb 2019
INEOS Styrolution announces the completion of the acquisition of two polystyrene sites in China from TOTAL S.A.
- Applicable regulatory and legal approvals received
- First production move into China for INEOS Styrolution
- Customers benefit from a broad selection of styrenic standard and specialty grades – now with local polystyrene production in China
Frankfurt, February 20, 2019 - INEOS Styrolution, the global leader in styrenics, announces today the completion of the acquisition of the polystyrene sites from Total S.A., following receipt of all applicable regulatory and legal approvals. The transaction, which was agreed on August 31, 2018, includes the purchase of the Foshan site in the Guangdong Province in South China and the Ningbo site in the Zhejiang Province in Eastern China and two related sales offices in Guangzhou and Shanghai. The annual nameplate capacity of each site is 200kt per year.
The transaction supports INEOS Styrolution’s Triple Shift growth strategy, as it will increase the company’s manufacturing footprint in Asia, and provides access to the domestic market in China with locally produced materials.
“We continue to execute on our growth strategy,” comments Kevin McQuade, CEO INEOS Styrolution. “After the integration of the K-Resin business, the current deal marks our second acquisition in Asia, a region that we have identified as a focus growth region for INEOS Styrolution.”
Steve Harrington, President Asia-Pacific, is excited about the new opportunities afforded by this transaction: “Not only does this deal allow us to better serve our existing customers in the region, especially in the Household and Electronics industries; it also provides us access to the broader market in China.”
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INEOS Styrolution Group GmbH
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60325 Frankfurt am Main
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About INEOS Styrolution
INEOS Styrolution is the leading global styrenics supplier, with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 85 years of experience, INEOS Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2018, sales were at 5.4 billion euros. INEOS Styrolution employs approximately 3,500 people and operates 20 production sites in ten countries.
For further information, please visit www.ineos-styrolution.com.